We lower our target by $43 to $374, reflecting a more conservative outlook on profitability as the operational synergies from the Slack acquisition, completed in the summer of 2021, are likely to take a little longer than the sales synergies, which appear to be kicking in already given that Slack's revenue growth has accelerated following the close of the dealalthough we would like to see a few more quarters of results to verify that is indeed the case and not some anomaly following the close of the deal. Our $374 target is a product of our '24 EPS forecast of $6.29, now $0.65 lower, and a 59.5x P/E (3-year mean). Our EPS forecast for '22 remains $4.71, but we cut our forecast for '23 by $0.41 to $5.19. Longer term, we do expect substantial operational synergies and additional operational leverage to be realized not only with Slack but previous large acquisitions such as Tableau and Mulesoft, as these organizations continue to be integrated.
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