Salesforce (CRM) shares are up after the company raised its full-year outlook Tuesday, and analysts are offering increasingly bullish price targets.
Stifel maintained its “outperform” rating and raised its price target to $425 from $390. That’s a 17% premium even after Salesforce shares rose 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 customer base and its ability to “drive market penetration” with its Customer 360 customer relationship management platform.
Then there’s Agentforce, Salesforce’s suite of autonomous AI agents made generally available on October 25. Agentforce was included in 200 deals in the quarter, “underscoring healthy early interest,” analysts at Bank of America said. The bank upped its price target to $440 from $390.
Salesforce has “a combined market share of only 15% and a formidable competitive moat,” BofA added. “[W]e believe a long runway exists for Salesforce to continue growing.”
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