01:13 PM EDT, 08/29/2024 (MT Newswires) -- Salesforce's ( CRM ) fiscal Q2 results were generally in line, but its growth recovery prospects remain clouded, UBS said in a report sent Thursday.

"The in-line results may come as a modest relief, but the cautious H2 growth outlook and the Workday revs guide-down don't point to an all-clear event for Software investors just yet," the investment firm said.

The software company is looking at a 7% revenue growth in fiscal Q3, but unless it can deliver a solid beat in the ongoing quarter, its growth in Q4 needs to be 8% to reach mid-point of full-year revenue guide, or 9% to hit the high-end of the range, the brokerage said.

However, Salesforce ( CRM ) "appears to be signaling the strong potential to hit the midlow end, which doesn't require a Q4 acceleration." At the same time however, it said "the company is citing 2H pressure in y/y growth from pro services revs and the MuleSoft/Tableau segment."

UBS said the departure of Salesforce's ( CRM ) "very well-liked" CFO Amy Weaver was disappointing, but "not a negative read-through to the company."

UBS raised the price target for Salesforce ( CRM ) to $275 from $250, while reiterating neutral rating.

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