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Investing.com - Stifel has lowered its price target on salesforce.com (NYSE:CRM) to $300 from $325 while maintaining a Buy rating on the stock ahead of the company’s annual Dreamforce conference. The software giant, currently valued at $228.89 billion, maintains impressive gross profit margins of 77.65% and boasts a perfect Piotroski Score of 9 according to InvestingPro data.
The adjustment comes as Salesforce shares have struggled to gain momentum, declining 27.73% year-to-date amid investor concerns about top-line improvement and AI monetization, according to Stifel analyst Parker Lane. InvestingPro analysis suggests the stock is currently trading below its Fair Value, presenting a potential opportunity for value investors.
Dreamforce, scheduled to take place next week in San Francisco, will unfold "against a backdrop of AI disruption fears across the software group," the research firm noted in its analysis.
Stifel views the conference as an opportunity for Salesforce to showcase Agentforce traction in its first year after launch, demonstrate real-life customer use cases, introduce new Agentforce solutions, and outline future plans for its Data Cloud offering following the INFA acquisition.
While Stifel acknowledges it’s "difficult to see sentiment turning on a dime," the firm believes constructive commentary during Dreamforce could "help bring greater clarity to the company’s AI positioning and set the stage for 2H earnings."
In other recent news, Salesforce has announced a partnership with Haleon to enhance pharmacy engagement using Salesforce’s Life Sciences Cloud for Customer Engagement, Data Cloud, and Agentforce. This collaboration aims to provide Haleon’s sales representatives with data-driven insights on consumer demographics and shopping trends. Additionally, Salesforce has informed customers it will not pay a ransom to the hacker group ShinyHunters, which threatened to release stolen client data. Truist Securities has reiterated its Buy rating on Salesforce, citing potential catalysts that could boost investor sentiment despite recent uncertainties. Similarly, JMP Securities has maintained a Market Outperform rating on Salesforce, setting a price target of $430. In related developments, Youxin Technology has acquired a 51% stake in Celnet Technology, China’s largest Salesforce partner, for approximately US$736,461. These developments reflect the ongoing strategic moves and challenges facing Salesforce in the current market landscape.
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