Bank of America upgrades Salesforce from sell to buy
The bank moved its rating two steps up, citing better trends in monetizing AI products and a $285 price target.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
Bank of America raised its rating on Salesforce from sell to buy, a double upgrade, citing improving trends in monetizing AI products. The bank set a $285 price target, and Salesforce shares rose about 3% on the news. Commentator Jim Cramer said bets against Salesforce were always wrong.
Why it matters
Whether the upgrade holds depends on one quarter that could confirm or undermine the thesis.
Timeline
- Oct 12, 7:01 AM ET: Bank of America upgraded Salesforce from sell to buy, citing improving trends in monetizing AI products.
- Oct 12, 9:33 AM ET: Salesforce shares advanced 3% after the upgrade, with a $285 price target set, while ServiceNow climbed 3%.
- Oct 12, 3:50 PM ET: Jim Cramer said bets against Salesforce were always wrong, citing the double upgrade.
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