Salesforce (NYSE:CRM) hosted its AI Day on Monday, leaving Wall Street analysts impressed with the company's vision for leveraging GenerativeAI across its platform.
Wolfe Research analysts, who have a Peer Perform rating on the stock, told investors that CRM revealed its AI Cloud, "which brings gen AI into every CRM application in a trusted way."
"We see AI Cloud being an aspirational shift that could be additive to numbers as soon as next year," wrote analysts.
Citi analysts maintained a Neutral rating and $230 price target on the stock, stating the company has a "good vision," but added that there are still some questions.
"We walk away from Salesforce's AI day with a positive view on the messaging of a unified data/infra data stack as well as the privacy/trust angle," said analysts. "At the same time, we believe the monetization of GenAI is early, and may be more distant than other large-cap peers, with pricing still evolving."
At Stifel, analysts told investors in a note that "throughout the event, management discussed the importance of leveraging first-party customer data alongside the company's internally built AI models and those of third-parties to enhance customer experiences, while doing so in a way that establishes trust in the use of data."
"The company intends to launch numerous solutions in GA this month, with others to follow in the coming quarters. While the adoption of AI remains early days, Salesforce appears well positioned to deliver enhancements throughout its platform, and potentially drive incremental long-term revenue within its base," they added.