salesforce.com (CRM) PT Lowered to $290 at KeyBanc on 'continued software multiple pressure'

KeyBanc analyst Jackson Ader lowered the price target on salesforce.com (NYSE: CRM) to $290.00 (from $300.00) while maintaining an Overweight rating.

The analyst commented: "AI Usage Stats Inflect in an In-Line Quarter from Traditional Metrics; In-line organic metrics and a reiteration of constant currency guidance is just fine for a start to a year that we'd heard from our checks, and conversations with investors more broadly, was probably best described as sluggish. The AI metrics and usage statistics were impressive. Agentforce net-new ARR grew $400M sequentially and accelerated to 205% growth year-on-year and agentic work units more than doubled quarter-on-quarter. With acceleration still on track for the 2H, we remain Overweight but reduce our price target to $290 due to continued software multiple pressure."

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