Salesforce price target lowered to $315 from $370 at Oppenheimer

Oppenheimer analyst Brian Schwartz lowered the firm’s price target on Salesforce (CRM) to $315 from $370 and keeps an Outperform rating on the shares ahead of the Q2 earnings update with low expectations and multiples reflecting a lot of bad news. The firm’s research mosaic points to softening business trends for Salesforce and limited near-term catalysts, beyond better second half of the year enterprise IT spending seasonality. In Oppenheimer’s view, the Q2 earnings update may not catalyze new opinions on Salesforce. AI messaging and estimates are unlikely to materially change post results and there remains execution risk in the second half of 2026 from lingering macro- and AI-related uncertainty. Nevertheless, Agentforce and Data Cloud are investable themes, margin growth continues, and multiples are already discounting many risks, it argues.