Salesforce stock analysis (CRM)
CRM’s upgrade to a buy-equivalent rating by Northland Capital Markets, with a PT of $400/share, reflects confidence in its new AI offering, Agentforce. This product is gaining significant attention and could be a major growth driving for the company.
Big news are: 1) American multinational investment bank and financial services company Piper Sandler upgraded CRM to a buy-equivalent rating, and PT was increased to $345. Piper Sandler highlighted the potential CRM’s free cash flow per share to be doubled by 2029, driven by new pricing and packaging strategies that could broaden multi-cloud adoption. 2) The stock has gone up since the recent Dreamforce event, showing a 2.8% increase this week.
CRM’s new AI offering, called Agentforce, has contributed to this boost. Unveiled at the Dreamforce conference, this new chatbot designed to assist and enhance employees’ tasks across all business functions like sales, marketing, services and commerce, which marks a shift from CRM’s previous strategy of acquisition to drive growth to internal R&D efforts. Agentforce is designed to be highly customizable and easy to deploy.