Piper Sandler analyst Brent Bracelin raised the firm’s price target on Salesforce (CRM) to $395 from $325 and keeps an Overweight rating on the shares. The firm says 2026 is shaping up to be an important transitional year for Salesforce as it executes on laying the groundwork to bring AI agents to the enterprise masses with new pricing and packaging offerings that could better position the company for a 2027 rebound. Against this backdrop and potential Q4 cRPO growth guide of 8% exiting this year, Piper sees slight downside risk to 2026 top-line consensus of $41.3B on 9% growth. That said, the firm has an upward bias to free cash flow that could exceed $13.6B and sees a sustainable path to double-digit free cash flow growth annually.
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