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Investing.com - Citizens lowered its price target on salesforce.com (NYSE:CRM) to $405.00 from $430.00 on Thursday, while maintaining its Market Outperform rating on the customer relationship management software giant. Despite the stock’s 28.25% decline year-to-date, InvestingPro data indicates Salesforce is currently trading below its Fair Value, suggesting potential upside opportunity.
The firm cited modest total revenue growth of 8% in constant currency during Salesforce’s fiscal third quarter, but highlighted several factors supporting its still-bullish outlook on the company. This growth aligns with Salesforce’s 8.33% revenue increase over the last twelve months, according to InvestingPro data.
Citizens noted that Salesforce’s AI-powered Agentforce business crossed $500 million in annual recurring revenue in the third quarter, representing 330% year-over-year growth, demonstrating strong momentum in its artificial intelligence offerings.
The research firm also pointed to increasing consumption from existing Agentforce customers who are "coming back to refill the tank," suggesting growing adoption and usage of the company’s AI tools.
Salesforce continues to deliver strong financial performance, achieving what Citizens described as greater than "Rule of 40" results with 9% reported growth and a 35.5% non-GAAP operating margin in the fiscal third quarter of 2026.
In other recent news, Salesforce Inc. reported its third-quarter fiscal 2026 earnings, surpassing analyst expectations with an earnings per share of $3.25, compared to a forecast of $2.86. The company also exceeded revenue projections, reporting $10.3 billion against the anticipated $10.27 billion. These results reflect strong performance and positive investor sentiment. Additionally, BMO Capital adjusted its price target for Salesforce to $275 from $280 while maintaining an Outperform rating. This adjustment follows Salesforce’s recent performance report, which highlighted a 2-point beat in Current Remaining Performance Obligation (CRPO), attributed to strong bookings execution. These developments underscore the company’s robust financial health and strategic execution.
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