Salesforce’s Free Cash Flow Could Double by 2029 Amid AI Push, Analyst Says While Upgrading Stock
Piper Sandler analyst Brent Bracelin upgraded Salesforce Inc (NYSE:CRM) from Neutral to Overweight and raised the price target from $268 to $325.
The re-rating reflects a favorable risk-reward given the potential for free cash flow per share to double to $20+ by fiscal 2029 (calendar 2028) from $9.65 in fiscal 2024 (calendar 2023), even if top-line growth remains at subdued levels of 8%-9%.
Bracelin flagged that Salesforce also has the lowest valuation multiple relative to large-cap software peers on an Enterprise Value-to-Sales, Enterprise Value-to-Free Cash Flow, and Price-to-Earnings basis.
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Discussions last week with the leadership team, partners, and customers gave the analyst confidence that new pricing and packaging could broaden multi-cloud adoption.
The promise of Agentforce powered by the Atlas Reasoning Engine paired with Data Cloud could help stabilize demand and drive a recovery entering calendar 2026 (fiscal …
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