Bank of America double-upgraded CRM to 'buy' from 'poor performance' and raised its target from $160 to $285, saying AI concerns are exaggerated; the speaker calls this a good step that alleviates AI concerns and expects CRM to have a good day on the news.
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Salesforce, Bank of America is trying to catch up here with regard to Salesforce. They have moved from a " poor performance" rating to a "buy" rating, essentially saying that much of the concern about AI taking over Salesforce's business is exaggerated.
They had a target price of $160. They've raised their target price, Nicole, to $285. So, some of that is an attempt to catch up, but the dual upgrade is a good step and essentially alleviates some of the concerns about AI stealing their customers.
Oh, you know, Salesforce is expected to have a good day based on this letter, because of what it contained and the message it conveyed , and the big upgrade, i.e., a double upgrade in rating level and a big increase in the target price, Nicole.
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