Piper Sandler analyst Brent Bracelin upgraded Salesforce to Overweight from Neutral with a price target of $325, up from $268. The firm sees a favorable risk/reward profile for the shares given the potential for Salesforce’s free cash flow per share to double to $20 by 2028 from $9.65 in 2023, even if its sales growth “remains at subdued levels” of 8%-9%. Relative to large-cap software peers, Salesforce also has the lowest valuation multiple, the analyst tells investors in a research note. Piper says discussions last week with the leadership team, partners, and customers give it confidence that the company’s new pricing and packaging could broaden multi-cloud adoption while the promise of Agentforce could help stabilize demand and drive a recovery entering 2026.
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