UBS Sticks with Neutral Rating on Salesforce Ahead of Dreamforce
Salesforce stock remains at Neutral as investment bank UBS keeps its $240 price target ahead of the company's Dreamforce conference in San Francisco next week. The shares currently trade at $247.80, which is slightly above UBS's target.
UBS conducted early-stage diligence and held a call with Salesforce investor relations and product management before the event, viewing the expanded partnership positively. The investment firm expects attention at the conference to center on Claudeforce, a newly-announced integration between Salesforce's CRM software suite and Anthropic's models.
Despite near-term uncertainty about how the partnership will affect Salesforce's fiscal year 2028 revenue growth profile, analysis suggests the company appears undervalued at current levels. Many analysts have recently revised their earnings estimates upward, with Argus raising its price target to $300 and Cantor Fitzgerald elevating its price target to $300 from $250.
Salesforce operates a customer relationship management software suite and cloud-based business applications, which has led to recent developments reflecting growing confidence among analysts in the company's strategic initiatives and financial outlook. JMP Securities maintains a Market Outperform rating with a $315 price target, while RBC Capital reiterated a Sector Perform rating with a $250 price target.