On Wednesday, Stifel, a financial services firm, maintained its Buy rating for Salesforce.com (NYSE: NYSE:CRM), with a steadfast price target of $425.00. According to InvestingPro data, this target aligns with the broader analyst consensus, as the stock trades near its 52-week high of $369.
The endorsement came after the analyst attended the release event for Agentforce 2.0 in San Francisco, where they had the chance to engage with the Salesforce team, clients, and partners regarding the latest updates.
The analyst highlighted the staggered release schedule of Agentforce 2.0, which will be fully available in February 2025. However, Salesforce has commenced rolling out specific features starting today. The event featured several announcements, with new agents and features expected to be released monthly. The company's strong financial health score of "GREAT" on InvestingPro and impressive 76.94% gross profit margins suggest robust operational efficiency to support these initiatives.
During the presentation, Salesforce's management focused on Agentforce for Slack and updates to the Atlas (NYSE:ATCO) Reasoning Engine. However, other significant announcements were also made. The company has officially made Agentforce for Sales, which includes SDR and Coaching Agent, generally available, with pricing set at $2 per conversation.
Additionally, Salesforce announced Agentforce for Service, Voice, which is slated to become generally available in March 2025. This rollout is part of the company's continued expansion of its service offerings, aiming to provide comprehensive solutions for sales and customer service teams.
In other recent news, Salesforce has retained its Outperform rating from Mizuho (NYSE:MFG) Securities and BMO Capital Markets, following the launch of Agentforce 2.0, an updated version of its flagship artificial intelligence product.
The product is expected to enhance Salesforce's core function of supporting its customer base with revenue management and process optimization. Analysts from Goldman Sachs also reaffirmed their Buy rating on Salesforce, emphasizing the company's AI execution and potential growth in the digital labor market.
On the other hand, Macquarie initiated coverage on Salesforce with a Neutral rating, noting potential upside and downside risks, including concerns about macroeconomic demand weakness and increasing competition. Salesforce also revised its bylaws to streamline stockholder processes, reflecting its commitment to robust and transparent corporate governance.
These are the recent developments for Salesforce, which continues to show impressive financial strength with a gross profit margin of 76.94% and steady revenue growth. The company's strategic focus on AI and the introduction of products like Agentforce are expected to contribute positively to its valuation.
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