Salesforce (CRM) Gets $425 Price Target as Analyst Backs Informatica Deal and AI Push
We recently published a list of . In this article, we are going to take a look at where Salesforce, Inc. (NYSE:CRM) stands against other AI stocks gaining Wall Street's attention.
One of the most notable analyst calls on Tuesday, May 27, was for Salesforce, Inc. (NYSE:CRM). Wedbush analyst Daniel Ives reiterated an 'Outperform' rating on the stock with a $425.00 price target. Salesforce is a cloud-based CRM company that has gained popularity after it unveiled its AI-powered platform called Agentforce.
A customer service team in an office setting using the company's Customer 360 platform to communicate with customers.
Wedbush has commented about the recent deal between Salesforce and Informatica, citing that the proposed acquisition of enterprise cloud software company Informatica is the 'right deal at the right time' for Salesforce.
'Despite CRM not pursuing a big deal of this size since Slack in 2021 for $28 billion, we view this deal as a smart and strategic deal for customer acquisition as INFA's strong customer base of over 5,000 customers, including ~2,500 cloud subscription ARR customers and over 80% of the Fortune 100, leverages this technology for analytics and AI-powered processes which could strengthen CRM's AI strategy.'
The analysts further noted that the deal would pave the way for more artificial intelligence opportunities for Salesforce, and even more cross-selling opportunities.
Overall, CRM ranks 3rd on our list of AI stocks gaining Wall Street's attention. While we acknowledge the potential of CRM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CRM and that has 100x upside potential, check out our report about this cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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