Monness, Crespi, Hardt upgraded Salesforce to Buy from Neutral in a note on Thursday, saying the stock's recent decline has created what the firm views as an attractive buying opportunity.
Analyst Brian White set a 12-month price target of $200. In the note he cited Salesforce's "depressed valuation, attractive margin profile, strong cash flow generation, generous stock repurchase program, and progress in supporting customers transforming into agentic enterprises."
The firm flagged the share-price slide as a central component of its view. Salesforce has fallen 41% so far in 2026, making it the second-worst performer in Monness' coverage universe, and the share price remains 58% below its late 2024 all-time high.
White directly challenged the bearish narrative surrounding the company and generative AI, writing that "fears about generative AI leading to the downfall of Salesforce are misplaced." He argued that the companies most at risk from AI disruption are smaller software vendors that lack scale and financial resources, while Salesforce's market position, global footprint and flexibility should allow it to participate in and benefit from the shift.
On product momentum, Monness, Crespi, Hardt pointed to traction in Agentforce and Data 360. According to the note, "During 1Q:FY27, Agentforce & Data 360 organic ARR grew >100% YoY to $2.3 billion and Agentforce ARR increased by 205% YoY to $1.2 billion." The analyst presented those metrics as evidence that execution is underway.
The note also called out recent feature and product launches. Slackbot, introduced in January, was described as "the fastest-growing feature in Salesforce's history," and Headless 360, unveiled in April, was cited as further indication that Salesforce is adapting to the AI era rather than being overtaken by it.
Key points
- Monness upgraded Salesforce to Buy and set a $200 12-month price target.
- Analyst Brian White contends generative AI fears are overblown and that smaller software vendors are more vulnerable than Salesforce.
- Product momentum is shown in Agentforce and Data 360 ARR growth and recent launches such as Slackbot and Headless 360.
Risks and uncertainties
- Ongoing market concerns about AI's impact on software vendors continue to weigh on the stock price and investor sentiment.
- Smaller software companies without scale and financial firepower may face greater disruption, which creates competitive dynamics in the enterprise software sector.
- Salesforce remains substantially below its late 2024 peak, reflecting persistent downside risk tied to execution and market perception.