Salesforce Enters New Phase of Revenue Growth as Agentforce Expands

Salesforce (NYSE:CRM) investors are shifting their focus from early adoption of Agentforce to consumption, monetization, and revenue growth, according to JPMorgan analyst Samik Chatterjee. The company's recent product webinar strengthened the firm's confidence in Salesforce's artificial intelligence strategy.

JPMorgan maintained an Overweight rating and a $265 price forecast for CRM. Chatterjee said Agentforce has entered its second phase, where the focus is on expanding usage and generating recurring revenue, which could accelerate Salesforce's revenue and annual recurring revenue growth.

The number of customers running Salesforce AI products in production has roughly doubled since February, with about half of Agentforce bookings tied to agent-specific applications coming from customers purchasing additional credits after exhausting their original allocations. Chatterjee noted that customer service is driving the strongest consumption, using about five times as many Agentforce workload units as other use cases.

Salesforce's upcoming investor day at Dreamforce could be a major catalyst for the company, connecting its expanding Agentforce strategy with its medium-term financial outlook. Analysts are optimistic about CRM, with an average price forecast of $266.36 and recent upgrades from Cantor Fitzgerald, BTIG, and TD Cowen.