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The headline: 7 of 8 firms raised their price targets, with analysts pointing to improving bookings, stronger cRPO growth and accelerating Agentforce adoption.
Average PT: $255
Implied upside from $230: ~11%
Updated analyst views:
• Citizens: Market Outperform — $315 unchanged (+37%)
• Jefferies: Buy — $300 from $250 (+30%)
• Stifel: Buy — $275 from $250 (+20%)
• Mizuho: Outperform — $265 from $250 (+15%)
• BMO: Outperform — $260 from $230 (+13%)
• Wells Fargo: Equal Weight — $230 from $205 (0%)
• DA Davidson: Neutral — $200 from $175 (-13%)
• Bernstein: Underperform — $195 from $173 (-15%)
Why analysts are getting more constructive:
• cRPO growth reached ~14%, beating guidance and accelerating after two quarters around 13%
• Q3 cRPO guidance of ~14% came in above Street expectations
• Agentforce ARR surpassed $1.5B, growing ~240% YoY
• Data 360 + Agentforce ARR reached $3.9B, up from $3.4B last quarter
• Management modestly raised its organic FY27 revenue outlook and still expects second-half reacceleration
The debate: Bulls see the first evidence that Salesforce’s AI products are beginning to translate into faster bookings and organic growth. Bears argue the non-AI core remains sluggish and question whether Salesforce can sustainably accelerate beyond 6–8% without acquisitions.
Bottom line: This quarter matters because the AI story is beginning to move from narrative to measurable revenue and bookings. The next test is whether Agentforce can drive a sustained reacceleration in Salesforce’s broader organic growth.
