salesforce.com (CRM) PT Raised to $275 at Wells Fargo
Wells Fargo analyst Michael Turrin raised the price target on salesforce.com (NYSE: CRM) to $275.00 (from $255.00) while maintaining a Equal Weight rating.
The analyst comments "Against a lowered bar given mixed results across enterprise & INFA deal timing, 1Q results were fine & FY26 cc guide across-the-board was unchanged. Still expect shares to trade sideways in uneven macro & INFA pending until FY27. Stay EW, PT to $275. Data Cloud/Agentforce momentum mixed; enter M&A: Data Cloud & AI ARR surpassed $1Bn, still growing >120% y/y but implying ~$100Mn in NNARR. Also, Agentforce was quantified at ~$100Mn ARR with 8K cumulative deals, 4K paid, and 800 live. This suggests $25K/deal and a down-tick in paid-to-free ratio & net new paid deals (~1K vs ~3K in 4Q). Unless defensive, we continue to struggle w/ rationale behind INFA (vs more modern alternatives) & expect AI story to trend sideways until deal closes in Feb."