2024

Bank AI

Strong

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<p class="has-drop-cap">On Thursday, Salesforce (NYSE: CRM) and Visa (NYSE: V) rode the wave of the broader market surge, each reaching new 52-week highs. Well-positioned in their respective markets, can these two stocks continue their <a href="https://tokenist.com/investing/momentum-trading/" rel="noopener noreferrer nofollow" class="deco-link">momentum</a> in 2024?</p>
<h3 id="salesforce-boosted-with-wall-street-upgrades">Salesforce Boosted With Wall Street Upgrades</h3>
<p>Cloud-based software provider Salesforce touched a new 52-week high on Thursday, a new milestone to crown the company’s impressive 2023 performance. The stock closed at $274.46, its highest point since November 2021.</p>
<p>With a year-to-date surge of nearly 100% last year, Salesforce has been capitalizing heavily on the ongoing <a href="https://tokenist.com/salesforce-continues-ai-push-launches-enterprise-ready-cloud-solution/" rel="noopener noreferrer nofollow" class="deco-link">expansion in the AI sector</a>. Most of these gains came since November, when the company <a aria-label="reported (opens in a new tab)" href="https://www.cnbc.com/2023/11/29/salesforce-crm-q3-earnings-report-2024.html#:~:text=Salesforce%20shares%20rose%20more%20than,per%20share%20expected%20by%20LSEG" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">reported</a> earnings and revenue that beat analysts’ estimates.&nbsp;</p>
<p>Moreover, the software maker also raised its fiscal 2024 forecast for operating cash flow growth from 30% to 33%. In Q4, it expects revenue to grow by 10%.&nbsp;</p>
<p>Strong 2023 performance and bullish outlook have led to a series of stock upgrades by Wall Street giants. Last week, analysts at <a href="https://www.investing.com/analysis/salesforce-just-flashed-a-big-bright-buy-signal-200645186" target="_blank" aria-label="Baird upgraded (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">Baird upgraded</a> Salesforce to Outperform and set a new price target of $300 on the stock, implying an upside of more than 9.4% from Thursday’s closing price.&nbsp;</p>
<p>Oppenheimer and Bank of America also expressed confidence recently, with the latter naming Salesforce a top pick for 2024. If shares stay above $270, a new support level may set the stage for bulls to attack $300 in the short term.</p>
<p>Meanwhile, the consensus 12-month price target for Salesforce currently sits at $262.36, suggesting a slight downside, <a aria-label="according to MarketBeat data (opens in a new tab)" href="https://www.marketbeat.com/stocks/NYSE/CRM/price-target/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">according to MarketBeat data</a>.&nbsp;</p>
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<h3 id="visa-stock-hits-all-time-high-what-s-next">Visa Stock Hits All-Time High, What’s Next?</h3>
<p>Another large-cap stock that caught attention on Thursday is Visa, one of the two biggest payment processors in the world. The stock closed 0.58% higher at $268.14, a new all-time high.</p>
<p>At the current valuation of $539 billion, Visa has a price-to-earnings ratio of 32.3, which may seem high initially. However, it represents a slight discount compared to the stock’s trailing 10-year average of 33.7, indicating a positive trend.&nbsp;</p>
<p>If this valuation remains constant and the share count remains unchanged, the company must achieve diluted earnings per share (EPS) of $15.60 by 2030 for a <a aria-label="$1 trillion market cap (opens in a new tab)" href="https://www.fool.com/investing/2024/01/15/will-visa-be-a-trillion-dollar-stock-by-2030/" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">$1 trillion market cap</a>. This implies a compound annual growth rate of less than 10% over the next seven fiscal years (2023 to 2030).</p>
<p>Given its strong competitive position, financial stability, and the ongoing shift towards cashless transactions, Visa stands a decent chance of becoming a trillion-dollar company by 2030.&nbsp;</p>
<p>While the annualized growth in diluted EPS is expected to slow down from the past decade’s rate of 15.9%, a conservative estimate still supports reaching the trillion-dollar valuation. Overall, it appears probable that Visa will join this exclusive valuation club by the decade’s end.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em><strong>Can Salesforce achieve another 100% gain in 2024? Let us know what you think in the comments below.</strong></em></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/visa-and-salesforce-shares-hit-52-week-high-heres-why/">Visa and Salesforce Shares Hit 52-Week High, Here’s Why</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Visa and Salesforce Shares Hit 52-Week High, Here’s Why

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