CRM Stock Drops Despite Fresh Price Target Hikes – JPMorgan Believes Investor Day Was 'Incrementally Positive’ For Re-Rating Thesis

• JPMorgan highlighted premium upgrades and Agentforce customer data.
• Stifel said Salesforce has “six distinct ways” to monetize AI across its products and services.
• RBC Capital remained cautious, citing positive demand signals but mixed feedback on pricing.

Salesforce (CRM) stock fell in the morning trade on Thursday despite a wave of Wall Street price-target hikes following the company’s Dreamforce investor day, with analysts citing Salesforce’s growing AI business and the potential for a higher valuation.

Stifel, Canaccord Genuity and Guggenheim each raised their price targets to $300, while BMO Capital lifted its target to $285. JPMorgan called the event “incrementally positive for the re-rating thesis,” citing premium upgrades and Agentforce customer data that it said could support higher spending by Salesforce’s existing customers.

The analyst reaction comes with little change to Salesforce’s financial outlook. Management reiterated its fiscal 2030 revenue target of $63 billion and kept its fiscal 2027 guidance unchanged.

CRM stock fell nearly 3% in midday trade, with retail sentiment trending in the ‘bearish’ zone on Stocktwits over the past day.

Salesforce Analysts Raise Price Targets

Several firms came away from Dreamforce more positive on Salesforce’s ability to make money from AI.

Stifel said Salesforce has “six distinct ways” to monetize AI. These include selling more core licenses, premium upgrades, Agentforce, Data 360, Agent Fabric and APIs, MCPs and infrastructure.

Canaccord pointed to positive signs in Salesforce’s pipeline, sales coverage and contract activity. Meanwhile, Guggenheim said it had a more open view of Salesforce’s potential after the event, although it still sees some of the risks it had flagged before Dreamforce.

BMO also became more positive on Salesforce’s ability to benefit from enterprise AI. The firm said new products and partnerships, including AIforce, could make it easier for customers to adopt the technology and create more value over time.

 RBC Capital was more cautious. The firm said its checks with Salesforce partners showed improving demand but mixed feedback on pricing. It kept its ‘Sector Perform’ rating and $250 price target.

Agentforce Expands Salesforce’s AI Push

Agentforce remains a key part of the Salesforce AI story, with analysts looking for signs that the product can generate more revenue from the company’s large customer base.

Salesforce is also taking Agentforce into new areas through partnerships. Snap (SNAP) announced Wednesday that it is working with Salesforce to bring Agentforce to its SPECS augmented-reality glasses for enterprise customers.

The partnership will enable workers to use SPECS to identify what they are looking at, create service cases, find relevant information, and update workflows without switching to another screen.

Snap is also working with Amazon Web Services (AMZN) to connect SPECS with Amazon Quick, while Nvidia (NVDA) is helping bring AI agents built on its XR AI stack to the glasses.

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