Salesforce Stock Slips Despite Price Target Hikes

Salesforce's (CRM) stock price dropped nearly 3% in midday trade on Thursday, despite multiple Wall Street firms raising their price targets to $300 or higher following the company's Dreamforce investor day.

The analyst reaction was largely positive, with Stifel, Canaccord Genuity and Guggenheim each increasing their price targets to $300, while BMO Capital lifted its target to $285. JPMorgan called the event 'incrementally positive for the re-rating thesis,' citing premium upgrades and Agentforce customer data that it said could support higher spending by Salesforce's existing customers.

Stifel noted that Salesforce has 'six distinct ways' to monetize AI across its products and services, while Canaccord pointed to positive signs in Salesforce's pipeline, sales coverage and contract activity. However, RBC Capital remained cautious, citing improving demand but mixed feedback on pricing.