John M. Chase
- Salesforce (NYSE:CRM) was in the spotlight on Tuesday after Oppenheimer reiterated its Outperform rating on the cloud software giant following a meeting with company management.
- Shares rose fractionally in premarket trading.
- “Management’s tone was upbeat around demand for multiple products, the AI platform capabilities, Agentforce and Data Cloud, and momentum with the top of the funnel,” analyst Brian Schwartz wrote in a note to clients. “In addition, management addressed the strategic nature of Informatica to Salesforce’s data moat.”
- Schwartz, who also has a $370 price target on Salesforce, said a lack of near-term catalysts and the Informatica (INFA) deal announcement are overhanging on the stock. However, he remains positive on Salesforce’s long-term future.
- “In our view, Salesforce has a favorable data positioning for the future of AI as a core system-of-records supplier,” Schwartz added. “The company also remains well-positioned for durable growth from customer entrenchment, IT vendor consolidation trends, strong demand for Data Cloud and AI technologies, and its industry solutions.”
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