Bank of America reiterated their Buy rating on Salesforce (NYSE:CRM) with a 12-month price target of $280.00 after attending the software company’s Dreamforce conference this week in San Francisco.
During the event, the company introduced a unified metadata layer within the rebranded Data Cloud and revamped the Commerce and Marketing Clouds to achieve a more cohesive integration on the platform. Additionally, they unveiled a new "freemium" model, offering Enterprise or Unlimited customers on Sales or Service Cloud 10,000 Data Cloud profiles and 2 Tableau creator licenses at no cost.
BofA analysts came away from the event with confidence in BoA’s position, instilled by the product announcements, which highlighted Salesforce's effective implementation of a strategy aimed at seamlessly incorporating its data and external data sources. This integration is designed to embed essential AI-driven workflows throughout the core front office suite, encompassing functions in sales, service, marketing, and eCommerce applications.
“We believe Salesforce is well positioned to continue capturing share of the cumulative $200 billion market opportunity,” they wrote in a note.
Salesforce also announced a partnership with Google (NASDAQ:GOOGL) Workspace, enabling the seamless integration of customers' LLM (Large Language Model) models from Vertex (NASDAQ:VRTX) AI into the Einstein Copilot Studio. Furthermore, Salesforce has announced an extended partnership with Databricks, providing customers with the capability to seamlessly combine data from Data Cloud with the external Databricks Lakehouse Platform. It's worth noting that Snowflake (NYSE:SNOW) continues to be a pivotal data platform partner for Salesforce.
Shares of CRM are up 0.64% in mid-day trading on Thursday.