JPMorgan Turns Bullish on Salesforce as the Stock Runs Three Straight Weeks
Salesforce spent most of 2026 in freefall while the broader market rewarded every AI story except its own, but something shifted recently and now one major Wall Street bank is changing its tune in a big way.
Salesforce (NYSE:CRM | CRM Price Prediction) 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.
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
| Metric | Value |
|---|---|
| Current Price | $201.37 |
| 24/7 Wall St. Price Target | $275.88 |
| Upside | 37% |
| Recommendation | BUY |
| Confidence Level | 90% |
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.
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.
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.
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.
Here is where our model projects Salesforce could trade assuming current growth trajectories and FY30 revenue tracking toward the $63 billion target.
| Year | 24/7 Wall St. Price Target |
|---|---|
| 2026 | $275.88 |
| 2027 | $318 |
| 2028 | $365 |
| 2029 | $418 |
| 2030 | $487.68 |
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.
Contact [email protected] for any questions or corrections.
Vandita Jadeja is a financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis. She has contributed to several publications, including the Joy Wallet, Benzinga, The Motley Fool and InvestorPlace.
