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