JPMorgan Turns Bullish on Salesforce as the Stock Runs Three Straight Weeks

Quick Read

JPMorgan turned bullish on CRM after a 20% monthly surge; our $276 price target implies 37% upside from current levels.
Salesforce trades at a steep discount to MSFT and NOW despite Agentforce ARR surging 205% year-over-year to $1.2 billion.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Salesforce didn’t make the cut. Grab the names FREE today.

Salesforce (NYSE:CRM) has caught a bid after spending most of 2026 in the penalty box, ripping 7.82% in the past week and 20.18% in the past month. JPMorgan turned constructive on the name as Agentforce monetization comes into focus.

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Our 24/7 Wall St. price target for Salesforce is $275.88, implying roughly 37% upside from the current $201.37. Our model output flags the setup as constructive with high confidence.

24/7 Wall St. Price Target Summary

Three Straight Weeks Higher and a Bull Turn From JPMorgan

Even after the recent run, Salesforce is still down 23.59% year to date and sits about 10% below its 52-week high of $267.75.

In Q1 FY27, Salesforce reported EPS of $3.88 vs. a $3.13 consensus, a 24.08% beat and the fifth consecutive EPS beat. Revenue of $11.13 billion grew 13.3% year-over-year, with management raising full-year FY27 revenue guidance to $45.9 billion to $46.2 billion.

Agentforce ARR crossed $1.2 billion, up 205% YoY, and combined Agentforce + Data 360 ARR reached $3.4 billion. That is the number JPMorgan and other sell-siders are anchoring on.

CRM price target — CRM Price Target — 24/7 Wall St.

The Case for $290 and Higher

The bull case rests on AI monetization showing up in ARR. Agentforce processed 28.6 trillion tokens, up 152% quarter-over-quarter, and delivered 3.8 billion Agentic Work Units. CEO Marc Benioff called Q1 “an outstanding quarter” and reiterated the FY30 revenue target of $63 billion.

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On our bull scenario, Salesforce reaches $289.60 over 12 months, a 43.81% total return. Capital returns amplify the case: the $25 billion accelerated share repurchase already retired 103 million shares, and a fresh $50 billion buyback authorization sits behind it.

CRM analyst ratings — CRM Analyst Ratings — 24/7 Wall St.

The Risks Worth Watching

The bear case: subscription growth is decelerating to a 10% to 11% constant-currency pace in Q2, Commerce Cloud and Tableau are soft, and Informatica integration risk is real. Noncurrent debt jumped to $39.3 billion from $10.4 billion to fund the ASR.

Bulls counter that debt was raised at attractive rates to buy back stock at a cyclical low, and shrinking share count directly boosts EPS. Our bear scenario still leaves the stock at $232.62, a 15.52% return, because valuation support at 15x forward earnings is genuinely tough to break.

How Salesforce Compares to Microsoft and ServiceNow

Microsoft (NASDAQ:MSFT) is the obvious frame of reference because Dynamics 365 and Copilot compete directly for agentic-AI wallet share. Microsoft trades at $496.88 and is up 3.2% YTD. That diverges sharply from CRM’s 23.59% YTD decline, showing the market has already paid up for Microsoft’s AI narrative.

A 15x forward multiple on Salesforce looks conservative for a business growing revenue at similar rates with better free cash flow yield.

ServiceNow (NYSE:NOW) is the purer growth comp. In Q2 FY26, ServiceNow grew revenue 24.0% YoY to $3.99 billion, with subscription revenue up 24.5%, and its AI product crossed $1 billion in annual contract value. NOW carries a $131.6 billion market cap on a much smaller revenue base than Salesforce’s $42.8 billion TTM, and trades at a meaningful premium.

That premium makes our target look reasonable rather than aggressive: Salesforce is priced like a slowing legacy vendor, while Agentforce numbers look a lot like ServiceNow’s.

Salesforce Price Prediction 2026-2030

At $201, the setup looks constructive against a 24/7 Wall St. price target of $275.88. The tipping factor is the gap between what Salesforce is delivering (five straight EPS beats, 200%+ Agentforce ARR growth, and a raised FY27 outlook) versus what the market gave it through the first half of 2026.

The thesis weakens if Q2 subscription growth slips below 10% constant currency or Agentforce bookings visibly stall.

CRM price scenario — CRM Price Scenario — 24/7 Wall St.

Here is where our model projects Salesforce could trade assuming current growth trajectories and FY30 revenue tracking toward the $63 billion target.

These projections assume Salesforce continues executing on Agentforce monetization and Informatica integration. Meaningful upside or downside could come from AI regulatory shifts, competitive pressure from Microsoft Copilot, or acceleration in Slack’s ARR ramp.