• In recent days, Bank of America resumed coverage of Salesforce with an Underperform rating, arguing that AI is driving a structural reset in the business as muted new customer additions, limited upsell opportunities, and questions around monetizing Agentforce and other AI products point to a slower-growth, cash-generative profile.
• At the same time, Salesforce continues to sign AI-focused deals and partnerships, from Anthropic token spending and Pearson workforce skilling to Agentforce wins with enterprises like Merck Animal Health and Moderna, underscoring the tension between cautious analyst views and ongoing ecosystem expansion.
• Next, we’ll examine how Bank of America’s concerns about AI monetization and growth saturation may reshape Salesforce’s existing investment narrative.

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Salesforce Investment Narrative Recap

To own Salesforce today, you have to believe its pivot from traditional CRM to an AI and data-centric platform can offset slowing new customer growth and upsell fatigue. The key near term catalyst remains proof that Agentforce and Data Cloud can grow meaningfully without eroding seat based revenues, while the biggest risk is that AI tools compress pricing and make growth harder to sustain. Bank of America’s Underperform call underlines those concerns, but the recent AI partnerships do not yet materially change that risk reward balance.

Among the recent announcements, the expanded Pearson partnership stands out. It links Salesforce’s Agentforce and CRM stack with Pearson’s skills intelligence and 80 certification exams, reinforcing Salesforce’s bet on AI driven workforce enablement. If Agentforce is going to be more than a buzzword, large scale customers standardizing on its AI agents and training programs like this will be critical proof points for the growth catalyst investors are watching.

Yet behind the AI wins investors also need to consider the risk that accelerating automation and hyperscaler offerings could gradually undercut Salesforce’s core CRM economics and...

Salesforce's narrative projects $51.9 billion revenue and $10.3 billion earnings by 2028. This requires 9.6% yearly revenue growth and a $3.6 billion earnings increase from $6.7 billion today.

Uncover how Salesforce's forecasts yield a $317.21 fair value, a 77% upside to its current price.

Exploring Other Perspectives

The most optimistic analysts were modeling Salesforce revenue of about US$58.9 billion and earnings near US$11.6 billion by 2029, but this Agentforce heavy reset and Bank of America’s concerns about AI monetization show how far opinions can diverge and why you should weigh both the upside and the possibility that these forecasts...

Explore 40 other fair value estimates on Salesforce - why the stock might be worth just $194.00!

Form Your Own Verdict

Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

• A great starting point for your Salesforce research is our analysis highlighting 4 key rewards that could impact your investment decision.
• Our free Salesforce research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Salesforce's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.