Bank of America reinstated coverage of Salesforce with an Underperform rating on May 18, 2026. Analysts established a $160 price target, citing a structural reset driven by the transition to artificial intelligence.
The firm identified several headwinds, including a slowdown in new customer acquisitions and limited upselling opportunities. BofA also noted the lack of a clear strategy for monetizing AI innovations.
Salesforce is shifting from a high-growth platform into a mature cash generator. The bank projects a structurally lower annual growth rate of approximately 10%.