SALESFORCE (+) : FQ1’27 preview: The Anthropic stake and H2 acceleration

Research evidence excerpt

SALESFORCE (+) : FQ1’27 preview: The Anthropic stake and H2 acceleration

EQUITIES

SOFTWARE

SALESFORCE OUTPERFORMPRICE* USD167.6  TARGET PRICE USD230 (UPSIDE 37%)

FQ1’27 preview: The Anthropic stake and H2 acceleration

Salesforce will report FQ1’27 earnings results on Wednesday, May 27th, after market close.15 MAY 2026

Securities Research Report

Production time: 13:41* (London time) Salesforce continues to expect 2H re-acceleration from M-HSD organic growth in FQ1

Research Analysts & Publishing Entities CRM is still expecting re-accel in 2H as core business stabilization and AI contribution become visible

Stefan Slowinski in top line. FQ1 sales growth is guided to 10%-11% CCY incl. 4pts of M&A. Near term growth is

BNP Paribas London Branch impacted by weakness in Marketing & Commerce, and Tableau, however, CRM maintains its growth

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stefan.slowinski@uk.bnpparibas.com outlook despite these headwinds. FQ1 cRPO is guided to ~13% CCY (9% organic), flat from FQ4.

CRM could restore its pattern of ~1pt cRPO guide beat, which may be seen as an indicator of

Keeler Patton

BNP Paribas Securities Corp1 upcoming inflection. Cons. has ~13% cRPO growth for FQ2 (likely 4pts M&A). We model org. Sub.

(+1) 646 342 6138 rev growth accel to exit FY27 at ~9% CCY, (~10% with M&A). CRM may guide FQ2 flat at 10%-11%.

keeler.patton@us.bnpparibas.com

Daniel Wang Agentforce is the most scaled agentic enterprise offering (ex AI labs) at >$800m of ARR

BNP Paribas Securities Corp1 Investors remain focused on AI disruption risk and shifting competitive dynamics. Last week, we

+1 646 785 3326 attended conferences for NOW and TEAM (link) which reinforced our view that many customers plan

daniel.wang@us.bnpparibas.com

to implement AI through existing software partners.