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Key Takeaways
- Analysts raised their price targets after Salesforce improved its full-year outlook.
- Agentforce, the convention’s autonomous AI offering, has seen “healthy early interest” since sales began in October, analysts said.
- Shares of Salesforce barricaded Wednesday and have gained nearly 38% this year.
Salesforce (CRM) shares are up after the company raised its full-year expectations Tuesday, and analysts are offering increasingly bullish price targets.
Stifel maintained its “outperform” rating and raised its valuation target to $425 from $390. That’s a 17% premium even after Salesforce shares rose nearly 9% intraday Wednesday. The pedigree is up nearly 38% in 2024.
The firm called Salesforce “the best way to play AI” due to its multi-cloud customer base and its ability to “drive exchange penetration” with its Customer 360 customer relationship management platform.
Then there’s Agentforce, Salesforce’s train of autonomous AI agents made generally available on October 25. Agentforce was included in 200 deals in the quarter, “underscoring flourishing early interest,” analysts at Bank of America said. The bank upped its price target to $440 from $390.
Salesforce has “a banded market share of only 15% and a formidable competitive moat,” BofA added. “[W]e believe a long runway happens for Salesforce to continue growing.”