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Evercore ISI analyst Kirk Materne reiterated an Outperform rating on Salesforce, Inc. (NYSE:CRM) shares on May 27. In addition, the analyst stuck with the $350 price target, citing the company's solid start to the year. The bullish stance underscores the research firm's confidence in the company's strategy and market position.
A business executive analyzing their latest financial performance figures, thanks to the company's online cash management services.
The analyst insists that the company needs to do more and demonstrate that its underlying growth is accelerating. The analyst also wants the company to affirm increased adoption of its artificial intelligence Agentforce product. The remarks come at the back of Salesforce's Annual Recurring Revenue (ARR) for data cloud and Agentforce powering through the $1 billion mark. In addition, the company enjoys a solid gross profit margin of 77.19%.
Salesforce is increasingly capitalizing on the growing demand for artificial intelligence solutions. Since October of last year, it has closed 8,000 deals for its Agentforce product, of which half are paid contracts. In addition, 60% of the 100 deals signed included data cloud and AI, affirming strong demand in the market.
Salesforce is a cloud-based software company that provides customer relationship management (CRM) solutions. It focuses on helping businesses manage and improve their relationships with customers.
While we acknowledge the potential of Salesforce, Inc. (NYSE:CRM) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CRM and that has 100x upside potential, check out our report about the cheapest AI stock.
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