Morgan Stanley upgraded Salesforce to Overweight from Equal Weight with a price target of $350, up from $290. The firm sees “several vectors” for Salesforce to drive top-line upside versus “muted” investor growth expectations, the analyst tells investors. While generative AI, or GenAI, app demand is likely to ramp in the second half of 2024, Salesforce’s Data Cloud offering will likely see traction earlier as organizations look to prep their data for GenAI and the company’s “unrivaled breadth” of Front Office workflows and depth of customer data well positions Salesforce to benefit from GenAI innovations, the analyst added.
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