12:05 PM EST, 11/21/2024 (MT Newswires) -- Salesforce's ( CRM ) fiscal Q3 earnings risk weighs "slightly positive" for the company, while the outlook seems favorable, Oppenheimer said Thursday.

The customer relationship management software provider is scheduled to report fiscal Q3 results Dec. 3. Oppenheimer expects pro forma earnings of $2.42 per share on revenue of about $9.33 billion.

The read-through on fiscal Q3 hiring data and field checks weighed "slightly positive" for its business activity and operating environment in the quarter, Oppenheimer analysts Brian Schwartz and Camden Levy said in a note.

"While drivers for reaccelerating top-line growth need time to play out, the combination of a normal 4Q IT budget flush and IT budget growth next year, AI product cycles, lower rates, pricing, and the US election in the rear-view should positively impact sales productivity and better consistency in future quarterly reports," they said.

Oppenheimer raised its price target on the stock to $385 from $330 while reiterating its outperform rating.

The company's shares were up about 4.5% in recent trading.

Price: 340.47, Change: +14.77, Percent Change: +4.53