After a massive year-to-date slump, some analysts see a huge buying opportunity ahead for Salesforce . Wall Street firms seemed optimistic after the cloud-based software giant posted fiscal third-quarter adjusted earnings that came in at $3.25 per share, exceeding the $2.86 consensus estimate from LSEG. The company also guided for current-quarter revenue of between $11.13 billion to $11.23 billion. This topped Wall Street’s estimate of $10.9 billion. Investors this morning were less enthused than analysts with shares up only 1.8% in early trading. The stock has declined 29% this year. CRM 5D mountain CRM 5D chart Despite these mixed earnings, some major Wall Street analysts believe the stock could surge as much as 70% from here, pointing to AI-driven acceleration as a catalyst. “Something has to give, CRM is very bullish about the broad based AI momentum it is seeing and eventually this should help revenue growth. Higher sales capacity should also help. However, investors seem to remain skeptical about the growth trajectory. We see this as a buying opportunity,” wrote Barclays analyst Raimo Lenschow. Here’s what some of Wall Street’s biggest shops had to say on the report. Bernstein: underperform rating, $223 price target Bernstein’s target, up from $221, implies about 7% downside from Salesforce’s Wednesday close of $238.72. “We have been concerned that Salesforce is a mature business in a mature market. While valuation has come down and expectation around AgentForce is being adjusted, we continue to worry about the longer term share loss risk from being the biggest incumbent in the CRM market, as well as the potential of big expensive M & A’s considering the hot M & A market and the company’s acquisitive history.” UBS: neutral, $260 UBS’ forecast corresponds to upside of around 9%. “Net, the reported numbers didn’t hint at any near-term acceleration although Salesforce said that under the hood, bookings are improving enough such that sub/ support revs growth should soon trough and accelerate in 2H FY27. We’re content staying patient on the stock until we can more clearly see a path back to 10%+ growth.” Wells Fargo: equal weight, $265 Wells Fargo’s target calls for 11% upside going forward. “Our estimates move higher mostly to incorporate INFA acquisition. Organic numbers largely unchanged, keeping us balanced until we gain more evidence to corroborate the anticipated Agentforce-led acceleration in 12-18 months.” Bank of America: buy, $305 Analyst Brad Sills’ forecast is 28% above Salesforce’s Thursday closing price. “A key investor question for Salesforce is whether the company is winning or losing in AI. While Q3 did not put the debate to rest, key growth metrics lend credibility to the bull case that an AI driven acceleration is coming. It helps when the company delivers cRPO upside (11% growth cc versus guidance for 9%). While AI revenue didn’t contribute meaningfully (Agentforce + Data 360 revenue ramped $200 million q/q), a number of deal metrics suggest that AI is likely to become more material in FY27.” Barclays: overweight, $330 The bank’s target equates to 38% upside. “Ramped sales reps will be +15% YoY by the year end, so unless there will be significantly lower sales productivity going forward, this should help overall future bookings growth. Equally, the Agentforce and Data Cloud AI momentum should eventually show up in cRPO (FY27) and then with a lag effect in subscription revenue. Management enthusiasm and our checks suggests that we should see better times ahead and hence we maintain our Overweight rating and are raising our PT to $330.” JPMorgan: overweight: $365 JPMorgan’s price target implies upside of 53%. “Our sense is that Q3 results support the bookings momentum embedded in Salesforce’s long-term framework, including the $60B+ organic revenue and Rule-of-50 ambitions outlined at Dreamforce. Coupled with continued emphasis on Agentforce and Data 360, a higher FY26 cash flow outlook, substantial share repurchase activity, and sustained strength in free cash flow per share growth, we view Q3 as supportive of the eventual reacceleration formula despite the atypical top-line shortfall.” Goldman Sachs: buy, $385 The bank’s forecast is 61% higher than where shares of Salesforce currently trade. “The stock is indicated +2% AH as investors credit strengthening AI momentum, adding confidence that Salesforce can deliver on the revenue reacceleration path outlined at the Oct. Investor Day … We believe that Salesforce remains poised to be one of the most strategic application software companies in the $1tn+ TAM cloud industry and is on a path to $50bn in revenue.” Morgan Stanley: overweight, $405 Morgan Stanley’s target implies a 70% upside from here. “A bigger beat and slight acceleration in cRPO, coupled with an impressive ramp in Agentforce metrics, reinforce the theme of building momentum we heard at the Analyst Day. While it may take a few more data points for a skeptical investor base to come on board, at 13X EV/CY27 FCF, we are buyers here.”
