Needham Sticks to $400 Salesforce Target Amid Industry Struggles

Salesforce (NYSE:CRM) has been struggling for over a year, but one Wall Street firm believes it's undervalued. Needham & Company is sticking to its $400 price target, which implies a 71.5% upside from the current price of $233.28.

Needham's thesis rests on three pillars: Agentforce transitioning from early adoption to an enterprise ARR driver, the unified Data Cloud moat preventing point-solution churn, and management's reiterated $63 billion FY30 revenue target anchoring the bull case.

The consensus 12-month price target is $281.89, which represents a 20.8% upside. However, Needham's target is significantly higher, indicating a strong bullish sentiment.