Jim Cramer predicts 2024 will be a 'great one' for Salesforce stock. Here's why

Published Thu, Feb 29 202411:51 AM EST

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Thursday's key moments. 1. U.S. stocks ticked higher on Thursday as markets digested the latest batch of economic data, putting the S & P 500 back in positive territory for the week. The January personal consumption expenditures price index — the Federal Reserve's preferred inflation gauge — was in line with Wall Street's expectations. Still, it's not enough to change upcoming monetary policy expectations. Meanwhile, bond yields moved lower after the print. 2. Salesforce posted solid quarterly earnings on Wednesday evening. Results were highlighted by management's first-ever dividend announcement and a boost to its stock buyback program. Initially, shares tumbled in extended trading on the release as the company's fiscal 2025 revenue outlook underwhelmed. However, Jim Cramer said the market's reaction was unwarranted, forecasting more upside for Salesforce stock to come. The surging interest in artificial intelligence, for example, is driving demand for Salesforce's Data Cloud product. "This stock will, I think, be a great one for 2024," Jim said. Indeed, shares shook off their after-hours declines, trading up by about 2% Thursday. 3. TJX Companies shares fell more than 1.5% on Thursday, a day after the discounted retailer's earnings release . Although the firm beat on nearly every earnings metric, forward guidance came up short for the current quarter and full fiscal year. We don't think investors should worry, though. Management has a recent track record of under-promising and overdelivering, and was likely being conservative with its forecasts. "If you don't own it, this is a good time to buy," Jim said. Shares are up more than 29% over the past year. The parent company of TJ Maxx and HomeGoods is one of our 12 core holdings . (Jim Cramer's Charitable Trust is long CRM, TJX. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.