JPMorgan Starts Salesforce at Overweight With a $250 Target

JPMorgan initiated coverage of Salesforce CRM at Overweight on August 13 with a $250 price target set for December 2027 . This was a new coverage launch rather than an upgrade from a prior rating, a distinction that matters when reading the share reaction.

The $46 billion figure circulating in coverage is neither a valuation of the company nor a target market capitalization. It is the incremental market cap implied if the stock reprices from roughly $193 to $250 across about 819 million shares, which would move Salesforce from roughly $165 billion to roughly $211 billion . Quoted as a standalone valuation it is meaningless; quoted as the size of the repricing it is the actual argument being made.

The thesis is a direct rebuttal of the AI disruption bear case. JPMorgan's position is that fears of frontier models and agentic AI disintermediating the core CRM franchise apply to only a small portion of the revenue base, and that the second half of fiscal 2027 should show acceleration toward the company's Rule of 50 framing .

Shares closed up 4.16% at $201.37 on August 13 . What to watch is the next quarterly print, because the entire call rests on second-half acceleration that has not yet appeared in reported numbers, and on whether Agentforce attach rates convert the AI narrative from a threat into a disclosed revenue line.

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