On May 24, Wolfe Research revised its financial outlook for Salesforce, Inc. (NYSE:CRM), maintaining its Outperform rating on the company’s shares but increasing the price target from $290 to $340. The update comes after Wolfe Research attended Salesforce’s Agentforce World Tour event in New York City, where analysts performed a poll and interacted with partners and customers.
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According to Wolfe Research’s customer study, which had more than 50 respondents, there is increasing interest in using Agentforce. Adoption of the Data Cloud was also growing, as 33% of respondents indicated they intended to do so, up from 20% in December. The study also showed that although responses to the overall spend intensity were not entirely consistent, there was a noticeable uptick in the number of respondents anticipating a significant increase in spending.
Additionally, analysts at Wolfe Research noted that partners’ excitement about Salesforce’s new pricing model is likely to play a significant role in speeding up adoption. The new model is especially appreciated for internal use cases where the previous $2 per chat cost was thought to be too high for smaller applications.
Salesforce, Inc. is a cloud-based software company focused on customer relationship management. The company offers custom software and solutions for various applications, such as analytics, marketing automation, and sales.
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