Salesforce (CRM) delivered a positive second-quarter earnings report, but Wall Street analysts remain cautious. Several analysts trimmed their price targets amid concerns over slower-than-expected adoption of Agentforce, CRM’s AI assistant, weak Q3 revenue guidance, and the pace of AI monetization.
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Salesforce stock declined about 5% during Thursday’s regular trading session.
Price Target Cuts Across the Board
JPMorgan’s Mark Murphy lowered his target to $365 from $380, while maintaining a Buy rating. He believes Salesforce is showing consistent mid-to-high single-digit growth potential and praised Salesforce’s AI momentum and Genesys investment. However, he noted investor concerns about AI’s impact on seat-based SaaS pricing models are causing them to overlook the company’s improving sales pipeline.
The Top analyst argued that the current valuation is near historical lows and well below software peers, which makes CRM stock attractive based on future potential.
At the same time, Wells Fargo analyst Michael Turrin cut his target to $265 from $275, keeping a Hold rating. He pointed to limited upside for the rest of the year and slower Agentforce adoption. Turrin hopes for clearer signs of sustainable growth, especially from Agentforce, before turning more bullish.
RBC Capital’s Rishi Jaluria lowered his target to $250 from $275, sticking with a Hold rating. He acknowledged strong Q2 results and expanded buybacks but noted that the in-line Q3 guidance is hurting near-term upside.
Is CRM a Buy, Sell, or Hold?
Turning to Wall Street, CRM stock has a Moderate Buy consensus rating based on 26 Buys, nine Holds, and one Sell assigned in the last three months. At $330.77, the average Salesforce stock price target implies a 35.56% upside potential.
