Salesforce initiated with a Neutral at Macquarie

Macquarie analyst Steve Koenig initiated coverage of Salesforce (CRM) with a Neutral rating and $370 price target Salesforce founder and CEO Marc Benioff is working to position Salesforce as a “digital labor” pioneer and revving up the company to sell its new Agentforce offering as its growth slows and share gains stall, the analyst tells investors in a research note. The firm’s checks point to customer and partner enthusiasm about the new product, and while the company has a good chance of ultimately driving strong adoption of agentic AI, navigating an AI journey could be challenging, as consumption-based pricing of Gen AI functionality could upend Salesforce’s primary seat-based revenue model, Macquarie says. Among the firm’s concerns, Salesforce’s sequential revenue additions have been declining for three years, while consensus requires a positive inflection.