Salesforce rises after Bank of America's double upgrade
The bank moved the stock from Underperform to Buy and raised its target to $285.
Stocks · Monday, October 12, 2026 · 10:15 AM ET
Salesforce shares rose on Monday after Bank of America upgraded the stock two notches, from Underperform to Buy, and lifted its price target to $285 from $160 (CNBC, Investing.com, Investor's Business Daily).
The argument
Analyst Tal Liani said large companies are unlikely to replace platforms that hold their business logic, data, workflows and compliance rules, and that "if anything, AI should deepen dependence on these platforms," CNBC reports. Investing.com says the bank drew on conversations with chief information officers at large enterprises, and that the move reverses the bank's more bearish view from May. Investing.com also says Salesforce's annual recurring revenue from AI-related products passed $1.5 billion in its most recent quarter.
The stock
Salesforce is down about 14% so far in 2026, largely on investor fears that wider AI adoption could hurt demand for software tools, per CNBC. The $285 target is 24% above Friday's close (CNBC). Investor's Business Daily had the shares up 3.5% at $237.23 earlier in the session. An analyst upgrade is one firm's opinion, not a forecast you can count on. Back to {L('stocks-mixed-open-oil-firms-2026-10-12','the market at the open')}.