Salesforce price target raised to $350 from $320 at Stifel

Stifel raised the firm’s price target on Salesforce (CRM) to $350 from $320 and keeps a Buy rating on the shares. After taking a deeper look at what Salesforce’s agent-based AI opportunity could mean for the company’s top-line, the firm acknowledges “there is still much we don’t know,” so it is refraining from updating its model until hearing more from the company, early users, and more partners. However, the firm says its math suggests “Agentforce Service Agent alone could be a multi-billion dollar opportunity for Salesforce” and believes Salesforce’s current multiple discounts the potential durability of revenue growth through the new agent model.

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