On May 29, Oppenheimer analyst Brian Schwartz lowered the firm’s price target on Salesforce, Inc. (NYSE:CRM) to $370 from $380 on group multiple compression but maintained an Outperform rating.
The firm based the rating update on the company’s fiscal Q1 2026 results released on May 28, stating that they were primarily above consensus estimates and represented a 200bps beat to the CRPO growth guidance.
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Salesforce, Inc. reported an 8% year-over-year growth in revenue to $9.8 billion. Annual recurring revenue for Data Cloud and AI came up to over $1 billion, reflecting a more than 120% year-over-year growth. Approximately 60% of the top 100 deals in fiscal Q1 2026 included AI and data cloud.
The analyst also stated that management’s commentary on Agentforce and Data Cloud adoption was strong and positive on certain Industries momentum. However, the growth guidance for Salesforce, Inc. remained tepid, which, according to the analyst, reflects a tough macro environment and justifies the decrease in the price target.
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