Salesforce could get a much-needed boost as it integrates artificial intelligence into its businesses, according to Bank of America. The bank double upgraded the stock to buy from underperform. It also raised its price target to $285 from $160, which is 24% above the level at which shares last closed. “Large enterprises (more than [small to medium-sized businesses] are unlikely to replace platforms that house their business logic, data, workflows and compliance frameworks,” analyst Tal Liani said Monday. “If anything, AI should deepen dependence on these platforms.” Shares of Salesforce have pulled back about 14% in 2026, largely due to investors’ fears that widening AI adoption could diminish demand for software tools. CRM YTD mountain Salesforce is down about 14% in 2026. But Salesforce is embracing an enterprise AI strategy that should allow it to attract more customers to its platform, per Bank of America. “Our positive view [Salesforce’s AI strategy and whether AI can expand enterprise spending on the platform], together with strong [free cash flow] generation and expected growth reacceleration, drives our upgrade and supports a modest valuation premium,” Liani wrote. Salesforce earlier this year launched an initiative to develop, test, and validate AI technology for its enterprise offerings, according to a press release . Two years earlier, the company also unveiled its army of thousands of autonomous AI-powered agents called Agentforce. To be sure, Salesforce’s AI revenues is still small and slower-than-expected adoption remains the greatest near-term risk for the stock, according to Liani. “However, we see encouraging signs of improving momentum, including strong [net new annual order value] growth and accelerating Slack performance, which support a return to faster growth over the coming quarters,” the analyst wrote. Bank of America’s call falls in line with consensus on the Street. Of the 51 analysts covering Salesforce, 36 have a buy or strong buy rating on the stock, LSEG data shows.
