Investing.com -- Monness, Crespi, Hardt upgraded Salesforce to Buy from Neutral in a note on Thursday, arguing that fears over artificial intelligence displacing the company are overblown and that the stock's decline has created a compelling entry point.

Analyst Brian White assigned a 12-month price target of $200, citing Salesforce's "depressed valuation, attractive margin profile, strong cash flow generation, generous stock repurchase program, and progress in supporting customers transforming into agentic enterprises."

The stock has fallen 41% in 2026, making it the second-worst performer in the firm's coverage universe, and is down 58% from its late 2024 all-time high.

White pushed back directly on the bearish narrative, writing that "fears about generative AI leading to the downfall of Salesforce are misplaced."

He argued that smaller software vendors lacking scale and financial firepower are the most vulnerable to AI disruption, while Salesforce's market leadership, global reach and ability to adapt position it to benefit from the transition.

On the product side, Monness, Crespi, Hardt pointed to strong momentum in Agentforce and Data 360 as evidence of execution.

“During 1Q:FY27, Agentforce & Data 360 organic ARR grew >100% YoY to $2.3 billion and Agentforce ARR increased by 205% YoY to $1.2 billion,” wrote White.

The analyst also highlighted Slackbot, launched in January and described as "the fastest-growing feature in Salesforce's history," and Headless 360, introduced in April, as further evidence that Salesforce is navigating the AI era rather than being swept aside by it.