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Key Factors
Salesforce.com is supported by AI and deepening penetration of companies, compounded by greater subscription costs. 
Workday is the premier vendor for back-office purposes utilizing AI to boost workflows.
Zscaler will scale with the cloud and AI as extra companies lean into digitization and cybersecurity threats improve. 
5 shares we like higher than Zscaler
Santa Claus rally or not, the analysts are upping their targets on some high-quality tech names that stand to rally strongly in 2024. 
Salesforce.com Inc. NYSE: CRM, Zscaler Inc. NASDAQ: ZS and Workday Inc. NASDAQ: WDAY are all supported by secular traits that ought to maintain their development, aided by AI. 
AI is the hottest factor in tech proper now, and these corporations use it to help their operations and supply its utility to their purchasers. On this paradigm, these cloud corporations may be anticipated to proceed to develop and penetrate with companies as they lead their respective industries subsequent yr. 
Salesforce.com is probably the most upgraded inventory on MarketBeat 
Salesforce.com has been ranked on MarketBeat’s most upgraded listing for a number of quarters with no change aside from its placement. The corporate is a top-10 most upgraded inventory, as are all on this listing, with 19 optimistic updates throughout calendar This autumn. This inventory is rated a “average purchase” with a worth goal that’s up 30% during the last yr. The one damaging is that the consensus goal assumes the inventory is pretty valued close to present ranges however the pattern in sentiment offets it. Just one worth goal issued in This autumn is beneath the consensus; most are within the $275 to $325 vary, implying the all-time excessive inventory worth can be retested and doubtlessly exceeded in 2024. 
The newest improve comes from Morgan Stanley. Analysts on the agency raised their ranking to “chubby” and set a $350 worth goal. That’s the new excessive goal for this inventory, about 33% above the present motion. They cite product innovation and AI as drivers of the enterprise. 
In addition they see the market pricing with a low expectation for development regardless of the corporate’s penetration features and worth will increase. AI ought to support gross sales and income with a big enhance as the info cloud comes on-line later within the yr. 

Workday executes nicely, shares surge to new highs
Workday is one other “most upgraded” inventory on the Marketbeat.com platform, with 15 optimistic revisions within the final quarter. Most got here out following the Q3 launch as a consequence of outperformance and an surprising information— takeaways from the analysts’ chatter heart on execution. 
The corporate is cross-selling merchandise to present clients whereas gaining traction with new and present companies. That’s evidenced by new offers, early renewals and longer contracts, which assist clear the long-term income outlook. The corporate is considered because the main vendor of back-office software program and among the many largest, fastest-growing software program corporations in the marketplace. Progress is working within the mid-teens and persist at this degree subsequent fiscal yr. 

The marketplace for WDAY is hopeful. The inventory surged following the Q3 outcomes, making a bullish flag sample. The sample suggests worth motion will proceed to maneuver upward with a goal at or close to the all-time excessive. 

Zscaler scaling the wall of fear
Zsaler shares corrected exhausting on worry of slowing development however are actually recovering from the autumn. The market is up practically 200% because the backside and heading greater by the look of issues. The market traits recommend persistent demand compounded by elevated spending as cyber-attacks improve and the cloud grows. Zscaler is the fifth most upgraded inventory for the quarter and has been on the listing a lot of the yr. 
Analysts price Zscaler a consensus “average purchase” and have dramatically shifted its worth targets. The consensus goal is lagging the market however up sharply from lows set earlier this yr and possibly heading greater in 2024. Deal momentum is powerful on the finish of the calendar yr and is supported by hyper-growth in AI and the cloud.
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