Salesforce Inc. (CRM) delivered a bit of a mixed bag on Wednesday, beating earnings expectations handily while narrowly missing on revenue. But here's the interesting part: even with raised guidance and solid momentum, several analysts decided to trim their price targets.

The cloud software giant reported third-quarter revenue of $10.26 billion, just shy of the $10.27 billion consensus estimate. But adjusted earnings came in strong at $3.25 per share, crushing expectations of $2.86 per share. That's the kind of beat that usually gets investors excited.

And CEO Marc Benioff certainly sounded excited. "Our Agentforce and Data 360 products are the momentum drivers, hitting nearly $1.4 billion in ARR — an explosive 114% year-over-year gain," he said. "We now have over 9,500 paid Agentforce deals and 3.2 trillion tokens processed, underscoring our leadership in building the Agentic Enterprise and driving real outcomes."

Looking ahead, Salesforce expects fourth-quarter revenue between $11.13 billion and $11.23 billion, comfortably above the $10.90 billion consensus. The company anticipates Q4 adjusted earnings of $3.02 to $3.04 per share, right in line with the $3.04 estimate.

The really notable part? Salesforce raised its fiscal 2026 revenue guidance to $41.45-$41.55 billion versus estimates of $41.25 billion. The company also boosted its full-year adjusted earnings guidance to $11.75-$11.77 per share compared to estimates of $11.37 per share.

Salesforce shares gained 1.2% to trade at $241.38 on Thursday, suggesting investors were pleased overall. But several analysts had a different take, adjusting their price targets downward while maintaining positive ratings:

• Citizens analyst Patrick Walravens kept his Market Outperform rating but lowered the price target from $430 to $405.
• Baird analyst Rob Oliver maintained an Outperform rating while cutting the price target from $325 to $315.
• BMO Capital analyst Keith Bachman stuck with his Outperform rating but trimmed the price target from $280 to $275.

So what gives? Strong earnings, raised guidance, and analysts are cutting targets? Welcome to the fascinating world of valuation recalibration, where even good news can prompt adjustments to what investors should expect to pay for future growth.