Salesforce Inc "Still Sidelined Given Modest Growth Profile" (Neutral) Keirstead

研报英文原文证据摘录

Salesforce Inc "Still Sidelined Given Modest Growth Profile" (Neutral) Keirstead

Global Research

28 May 2026ab

Salesforce Inc Equities

United StatesStill Sidelined Given Modest Growth Profile

Software

12-month rating Neutral

Summary

Salesforce posted a print that generally lined up with the feedback from our checks – 12m price target US$185.00

solid Agentforce traction but muted growth across the rest of the core portfolio. In c/c

and excluding the lift from the Informatica deal, total revs growth of 7% in 1Q/Apr was

Price (27 May 2026) US$177.51

up from 6% in 4Q/Jan but is expected to reverse back to a trough of 6% in 2Q/Jul before

beginning a recovery. The notion that we may be at a growth rate trough is RIC: CRM.N BBG: CRM US

encouraging, but the 2H acceleration looks uncertain and in our view the stock simply

Trading data and key metrics

won’t re-rate materially off 6-8% revs growth. We’re content staying Neutral-rated.

52-wk range US$274.51-164.96

Top-Line Story Market cap. US$173b

Shares o/s 974m (ORD)

On a positive note, Agentforce AI run-rate revs of $1.2b was strong (up 200%+ y/y,

Free float 5%

80% for customer support use cases) but Agentforce is still just ~3% of revs. Salesforce

is still messaging strong new bookings, the company is now messaging an acceleration Avg. daily volume ('000) 3,007

in Informatica revs and Salesforce reaffirmed their view that off the ~6% organic revs Avg. daily value (m) US$553

growth rate trough in 2Q/Jul (previously, Salesforce messaged stable sub revs growth in Common s/h equity (01/27E) US$28.7b

2Q/Jul) growth should recover in 3Q/Oct and then further in 4Q/Jan. Our challenge is P/BV (01/27E) 5.2x

that a) the modest expected deceleration in 2Q/Jul is a set-back to this 2H acceleration Net debt to EBITDA (01/27E) 1.7x