Citizens analyst Patrick Walravens lowered the price target on salesforce.com (NYSE: CRM) to $405.00 (from $430.00) while maintaining a Market Outperform rating.

The analyst commented, "While total revenue growth remained modest in F3Q at 8% in constant currency, we view Salesforce as an attractive opportunity for capital appreciation here for several reasons, including: 1) the company invested heavily in Agentforce and is seeing results with that business crossing $500M in ARR in F3Q and increasing a whopping 330% y/y; 2) even more important than strong Agentforce bookings, the company is seeing existing agent force customers coming back to "refill the tank" reflecting increasing consumption; 3) the company continues to drive greater than "Rule of 40" performance, with 9% reported growth and a 35.5% non-GAAP operating margin in F3Q26; 4) our own checks with partners confirm strong demand and a robust "