AI Seen as Multi-Year Tailwind for Salesforce (CRM), Says Goldman Sachs

Salesforce, Inc. (NYSE:CRM) is one of the AI Stocks Investors Are Watching Closely. On September 4, Goldman Sachs analyst Kash Rangan reiterated a Buy rating on the stock with a $385.00 price target. Salesforce’s Q2 results modestly topped expectations, though Q3 revenue guidance midpoint came in below consensus, pressuring shares.

Goldman Sachs highlighted how artificial intelligence has the potential to become a “multi-year tailwind” for Salesforce instead of being a disruptive force toward its SaaS business.

It noted encouraging signs for the firm, including modest growth reacceleration in core Sales and Service Clouds (8% YoY vs. 7% prior), growth in Salesforce’s Data Cloud and AI annual recurring revenue (ARR exceeded $1 billion, up ~120% YoY), and 6,000 paid Agentforce deals, with 40% of new bookings from existing customer expansions suggesting healthy progress in AI deployments.

Still, Goldman Sachs believes that Salesforce failed to deliver meaningful reacceleration in F2H26 guidance which has led to a weakness in the stock. Nevertheless, it remains constructive on the shares.

“Furthermore, we should start to see relief to growth as C23 cohorts renew in C26, as opposed to the tough comparisons from C21/22 cohorts that renewed in C24/25. As Salesforce deploys AI internally to extract further efficiencies within the business, we believe the company can potentially scale to 35-40% OpM over the next several years without comprising its ~10% Subscription Revenue growth, coupled with the optionality to deliver modest acceleration without sacrificing OpM expansion.”

Salesforce, Inc. (NYSE:CRM) is a cloud-based CRM company that has gained popularity after it unveiled its AI-powered platform called Agentforce.

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