Salesforce.com (CRM) experienced a significant pre-market plunge of 5.09% on Tuesday, as the stock came under pressure from a series of analyst actions and growing market skepticism.
The decline follows Evercore ISI's decision to lower its price target on Salesforce from $260 to $250 while maintaining an outperform rating. This target price cut adds to other recent analyst downgrades, including Bernstein's move to downgrade Salesforce from outperform to market perform, citing weak customer feedback on the company's AI product Agentforce, and KeyBanc's downgrade from overweight to sector weight.
Despite positive developments such as a $13.5 billion U.S. Air Force fleet modernization contract and a deepened AI partnership with Anthropic, the successive downgrades reflect growing market concerns over the near-term monetization trajectory of Salesforce's AI agent offerings, which has weighed on investor sentiment during the pre-market session.
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