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Salesforce's AI Innovations, Partner Network Expansion Impress Analyst

Published 26/04/2024, 18:26
© Reuters. Salesforce's AI Innovations, Partner Network Expansion Impress Analyst

Benzinga - by Anusuya Lahiri, Benzinga Editor.

Mizuho analyst Gregg Moskowitz reiterated a Buy rating on Salesforce Inc (NYSE:CRM) with a price target of $345.

On Friday, the analyst attended Saleforce’s World Tour in New York City. At the AI-focused event, Salesforce announced the general availability of Einstein Copilot and the Zero Copy Partner Network, which lets users centralize data and metadata from third-party data stores without moving or copying data, and new seller functionality.

Einstein Copilot headlined the event, but the Zero Copy Partner Network and the incremental sales functionality added to Einstein Copilot are also meaningful, as per the analyst.

Also Read: Salesforce Ends Acquisition Talks with Informatica: What Happened and What’s Next?

The announcements further illustrate that Salesforce can legitimately monetize GenAI and fortify its competitive position.

Moskowitz’s checks indicated that most customers are gradually ramping up Data Cloud. That said, at the event, Salesforce called out some significant early successes, including a resort driving a 40% revenue uplift via superior personalization and a large airport that has seen a 30% increase in digital revenue.

The updates reinforced Salesforce’s competitive moat as a core repository for customer data now that Data Cloud contains a fuller picture of not just a customer’s first-party sales/marketing data but also the relationships between the data and metadata across multiple data stores, Moskowitz added.

Moskowitz projected first-quarter revenue and adjusted EPS of $9.15 billion and $2.37.

Salesforce stock gained 44% in the past 12 months. Investors can gain exposure to the stock via REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI) and SmartETFs Advertising & Marketing Technology ETF (NYSE:MRAD).

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CRM Price Actions: Salesforce shares traded higher by 0.82% at $275.29 at publication on Friday.

Also Read: Salesforce Pushes for Transparency in AI Emissions Reporting

Photo: Shutterstock

Latest Ratings for CRM

Mar 2022WedbushMaintainsOutperform
Mar 2022Canaccord GenuityMaintainsBuy
Mar 2022Raymond JamesMaintainsStrong Buy

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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