BofA argues that Q2 results “are not enough to dispel the bear case that Salesforce’s (CRM) business could be under pressure from Agentic AI,” but also notes that backlog is growing a steady 11% before material contribution from Agentforce, which leaves the firm seeing line of sight to 11% to 12% backlog growth in FY27 with gradual continued Agentforce traction. The firm, which tweaks its estimates to reflect updated guidance and reiterates a Buy rating and $325 price target on the shares, sees “limited downside” at the current valuation.
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