Dreamforce Boost Spurs Price Target Hikes Despite CRM Stock Decline
Salesforce's (CRM) stock price took a hit on Thursday despite multiple analysts raising their price targets following the company's Dreamforce investor day. The event highlighted Salesforce's growing AI business and potential for higher valuation.
JPMorgan was one of the more optimistic firms, calling the event 'incrementally positive' for its re-rating thesis. It cited premium upgrades and Agentforce customer data that could support increased spending from existing customers.
Other analysts were also upbeat, with Stifel pointing to six distinct ways Salesforce can monetize AI across its products and services. This includes selling core licenses, premium upgrades, Agentforce, Data 360, Agent Fabric, and APIs.
BMO Capital became more positive on Salesforce's ability to benefit from enterprise AI, citing new products and partnerships that could make it easier for customers to adopt the technology.