Salesforce: F1Q - Uneventful is GOOD, 2H Acceleration Intact

研报英文原文证据摘录

Salesforce: F1Q - Uneventful is GOOD, 2H Acceleration Intact

Deutsche Bank

Research

Rating Company Date

Buy Salesforce 28 May 2026

North America Reuters Bloomberg Rating Buy

United States CRM.N CRM US Price target (USD) 255.00 Price at 27 May 26 177.51

52-week range 277.19 – 164.96

TMT

Software Valuation & Risks

F1Q - Uneventful is GOOD, 2H Acceleration

Intact BradResearchZelnickAnalyst

+1-212-250-8563

Salesforce reported another fine quarter with modest upside to key metrics and

Bhavin Shah, CFA largely unchanged guidance excluding the impact of the $25bn ASR in the quarter. Research Analyst

Revenue and cRPO upside was more subdued than recent quarters but operating +1-212-250-6775

margins meaningfully outperformed consensus. Very importantly, the company

reaffirmed its expected F2H acceleration which becomes more credible with the Chris Fountain

benefit of time and is supported by continued NNAOV growth in excess of AOV Research Associate

+1-212-250-1575

growth. Importantly, we note that y/y Subscription revenue growth accelerated by

an estimated 70bps organically and remains constrained by more lackluster Nick Giovacchini

performance of term license business (Tableau primarily) even with the contribution Research Associate

of Informatica in the quarter. Bottom line, these results were largely as expected +1-212-250-9075

and certainly better than feared given somber checks that in hindsight were likely

colored by 1Q seasonality which tends to be a quieter quarter.

More interesting were many of the leading indicators of Agentforce adoption which

continues to build momentum that is not quite obvious yet when looking at the

financial statements. Live customer anecdotes on the earnings call and a host of