Salesforce shares AI turnaround or value trap Analysis price target 2026

Salesforce (CRM) was once the king of the high-growth cloud stocks - with over 25 % sales growth per year. But times have changed.

Growth is slowing, the valuation looks ambitious - and the market is asking itself a key question:

What's next for Salesforce?

Less growth, more profitability

Previously: >25% revenue growth (e.g. 2018)
Today: Forecast at only approx. 9 %

But: while growth is slowing, margins are increasing. Salesforce has abandoned the strategy of "growth at any price" and is now focusing on profitable growth:

Major acquisitions paused
Focus on efficiency
Operating margin: now 16 % (previously close to zero)

However, the market has not yet fully priced in this not yet fully priced in.

🧠 Market remains cautious

Despite positive quarterly figures, the share price reaction often remains subdued. The share tends to move sideways or fall slightly - a sign that investors are uncertainwhether Salesforce will be able to boost growth again.

🤖 AgentForce: Salesforce's AI bet

A beacon of hope is AgentForce - the new AI suite from Salesforce:

Utilizes CRM data + AI prompts
Automates sales and customer processes
Saves time & improves decision making
Makes the product "stickier" and expands the addressable market

If AgentForce is successful, it could unleash new growth potential - and put Salesforce ahead in the AI race.

🔄 M&A remains part of the strategy

Salesforce is known for large acquisitions:

Slack: Integration successful, but financially disappointing
MuleSoft: Successful in the API sector
Tableau: Strengthens data and visualization capabilities

Next step: Planned USD 8 billion acquisition of Informatica (expected FY 2027) - in line with the vision of CEO Marc Benioffto combine AI, CRM and data.

📊 Valuation & price target

Assumptions:

Sales growth: 7 %
Terminal price-to-sales: 7
Discount rate: 10 %

➡️ Fair value per share:
246 USD

➡️ Current share price:
USD 266

🔻 Downside risk: approx. -8 %

🧭 Conclusion: Watchlist with potential

📌 My strategy:

Observehow AgentForce establishes itself on the market
With new growth: Adjust model upwards & check entry
In case of sideways movement & price <240 USD: Value entry conceivable

Salesforce remains a category-defining software company - but success in the AI era depends on the implementation not just the story.

My Youtube channel for more stock analysis: www.youtube.com/@Verstehdieaktie

Konstantin Harrer@MozartTrading

Interesting analysis, but I would disagree with the "ambitious" valuation. $CRM is trading at a forward P/E ratio of just 21, which is rather the opposite of ambitious, considering its market position. Apart from the fact that growth is slowing and margins are improving, this is not surprising for a company of Salesforce's size. The reason why the share is currently weakening is, as mentioned, the uncertainties surrounding the integration of Agentforce. Justified on the one hand, but I see a good risk/reward ratio at current conditions, with a historically low P/E and a very solid position. However, if the implementation of Agentforce picks up and is also reflected in the figures, the share would recover quickly and jump back to previous valuation levels. This is not meant to be a criticism, just a different perspective.

•

Salesforce shares: AI turnaround or value trap? | Analysis & price target 2026