11:15 AM EDT, 05/31/2024 (MT Newswires) -- Salesforce ( CRM ) experienced a "rocky" start to fiscal year 2025, Macquarie said Friday in a note to clients, but added it still sees the company as "well positioned" to benefit from digital transformations.

The firm noted that the company's stock has fallen about 18% after its fiscal Q1 results, mainly due to weaker current remaining performance obligation and billings.

Macquarie said it maintained its outperform rating on Salesforce ( CRM ) despite the fiscal Q1 misses because of "strong margins" shown by the company.

But the firm said it cut its price target on Salesforce ( CRM ) to $275 from $330 as the company's "tone was headwind-heavy, referencing a retrenchment in purchase behavior" compared with the end of fiscal year 2023.

Price: 216.83, Change: -1.18, Percent Change: -0.54