Salesforce price target lowered to $300 from $400 at KeyBanc

KeyBanc lowered the firm’s price target on Salesforce (CRM) to $300 from $400 to better reflect current market multiples, while keeping an Overweight rating on the shares. Channel conversations have finally turned on Agentforce, the firm says. Most of 2025 was a waiting game, but pilots and trials are now turning into actual contracts and add-ons to existing contracts. This also matches up with the direction of metrics which imply per-customer spend on Agentforce has more than doubled since KeyBanc wrote its initial framing of Agentforce’s path to $1B.