JPMorgan Boosts Salesforce with Overweight Rating and $250 Price Target

Salesforce stock rose 2% in pre-market trading after JPMorgan initiated coverage of the company at Overweight with a $250 price target.

UBS raised its price target on Salesforce to $210 from $185, while maintaining a Neutral rating. Wells Fargo also lifted its price objective to $205 from $200, and Stifel reiterated its Buy rating with a $250 target unchanged.

A UBS survey found that AI spending among large corporations remains robust, which supports demand for Salesforce's Agentforce platform and Data Cloud offerings.

The broader market provided a supportive backdrop, with the S&P 500 edging up 0.2%, the Nasdaq gaining 0.1%, and the Dow adding 0.2%. A benign inflation reading could favor growth-oriented technology stocks like Salesforce, which trades below its 52-week high of $269.11.

Investors are also looking ahead to Salesforce's upcoming quarterly earnings due later this month.