Salesforce Stock Price Volatility Continues Amid Differing Analyst Opinions
Salesforce's stock price has been volatile in recent months, and analysts are divided on its future prospects. The company recently announced a change to its billing unit, which some see as an upgrade but others view as a risk.
The most common mistake in predicting Salesforce's stock price is treating the Claudeforce announcement as an upgrade to the existing model, when in fact it's a change to the billing unit. This has led to a wide range of price targets among analysts, from $235 to $310, with Morgan Stanley's scenario work stretching from $90 to $350.
Our 12-month framework is $350 bull, $300 base, and $150 bear, with the bear number being the price Salesforce actually traded at ten weeks ago. On June 22, 2026, the stock closed at $150.12, but it has since recovered to $256.00 on August 28, 2026.
The bull case for Salesforce requires revenue growth to reaccelerate from its current 11% to around 15% compound through FY2029, while maintaining a non-GAAP operating margin of over 34%. This is possible if the company's consumption-based pricing model takes off, with Claudeforce converting distribution into consumption.
The bear case, on the other hand, requires the market to return to its previous estimate that Salesforce's AI agents will destroy seat-based software or get resold through it. If this happens, the stock could drop back down to $150.