salesforce.com (CRM) PT Raised to $365 at Deutsche Bank

Deutsche Bank analyst Brad Zelnick raised the price target on salesforce.com (NYSE: CRM) to $365.00 (from $325.00) while maintaining a Buy rating.

The analyst comments "Heading into F3Q results, our industry conversations suggest bullishness around Agentforce and how it is driving renewed interest in the core Salesforce portfolio. While this should substantiate recent investor enthusiasm, we caution investors not to get too far ahead of the opportunity as it remains very early days with limited customer POC’s thus far. In fact, our checks on the core business for F3Q were more mixed with signs of strength in Data Cloud, Einstein 1 Sales/Service offset by some signs of aggressiveness into quarter end. Given the run up in the stock (~12% outperformance vs IGV since Dreamforce) we note this could make the setup more challenging as the fundamentals will likely take some time to catch up with the narrative. Despite the more challenging setup from a sentiment perspective, we continue to recommend CRM as we see Agentforce at an inflection point, driving CIO's willingness to invest further into Salesforce (and justify budget) which should enable top-line growth north of 10%. With shares trading at 23x EV/uFCF (CY25), we continue to believe the risk/reward skews positively over the next 12 months and we raise our TP to $365 from $325."

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