"Analyst Tal Liani reinstated coverage of Salesforce ( NYSE:CRM) with an Underperform rating and a $160 price target, a notable bear take on a stock that still carries a consensus average price target of $268.05. For long-term holders of Salesforce, the call sharpens a debate that's been simmering all year: is Agentforce actually translating to durable revenue growth?"
"Liani acknowledges that Salesforce remains "a deeply entrenched platform," yet argues the company faces a structural reset driven by the AI transition. The bear thesis rests on three concerns: muted net new customer additions, limited upsell potential, and an "underwhelming" AI monetization pathway. The deeper concern is pricing architecture. Agentforce and rival agentic tools could compress the per-seat subscription model Salesforce was built on, as AI agents replace seats rather than expand them."
"The company guided fiscal 2027 revenue to $45.8 billion to $46.2 billion. Agentforce, the AI initiative under scrutiny, reached $800 million in annual recurring revenue (ARR) with 29,000 deals closed in its first 15 months. Salesforce CEO Marc Benioff has leaned in hard, with a planned $300 million spend on Anthropic tokens in 2026."
"CRM stock trades at a trailing P/E ratio of 22x and a forward P/E ratio of 14x, with shares sitting between a 52-week low of $163.52 and high of $286.30. The valuation already reflects skep"
Salesforce received an Underperform rating and a $160 price target, contrasting with a much higher consensus target. The downgrade points to muted net new customer additions, limited upsell potential, and underwhelming AI monetization. The core concern centers on pricing architecture, where AI agents may replace seats rather than expand them, weakening the subscription model that built the moat. Salesforce is described as a deeply entrenched platform, but the AI transition is framed as driving a reset. Salesforce reported $41.5 billion revenue in fiscal 2026, guided fiscal 2027 revenue to $45.8–$46.2 billion, and reported Agentforce reaching $800 million ARR with 29,000 deals in 15 months.
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