Salesforce Stock Sees 117% Upside as Analyst Cites Key Growth Drivers

Salesforce's stock price has been down over the past year, but one analyst sees significant upside ahead. Scott Berg at Needham & Co. carries a $400 price target on CRM, which would represent a 117% increase from current levels.

This projection is based on three key factors: Agentforce ARR crossing well past $1 billion, consumption monetization via Flex Credits, and Slack evolving into the primary agentic layer for enterprise workflows. If these pillars hold up, Berg's math becomes more convincing than fanciful.

Agentforce has been driving growth for Salesforce, with a 205% year-over-year increase in ARR to $1.2 billion. This trend is expected to continue, with management raising FY27 revenue guidance to $45.9 billion to $46.2 billion and reaffirming the $63 billion FY30 revenue target.

The bull case for Salesforce hinges on Agentforce's potential to reaccelerate organic growth through consumption monetization and Flex Credits. If this thesis holds, the stock could see significant upside in the coming years.