TD Cowen Ups Salesforce Price Target to $300 Following Anthropic Partnership

TD Cowen has raised its price target on Salesforce's stock to $300 from $280, while maintaining its rating. This increase follows last week's announcement of a partnership between Salesforce and Anthropic.

The analyst firm described the alliance as a major development for the company and the software-as-a-service landscape. As a result, the stock has surged 25% over the past week and is trading near its 52-week high of $269.

TD Cowen noted that the joint product strategy between SaaS companies and AI labs can be beneficial for both parties. The announcement has also driven a narrative shift and strengthened the stock rally for the SaaS group, according to TD Cowen.