Marc Benioff, the CEO of Salesforce (CRM), is bullish on the software company’s AI product, Agentforce. During an interview with Bloomberg at Davos, Benioff revealed that Salesforce is expecting to close thousands of deals for its Agentforce in the fourth quarter. As a result, shares of CRM rallied in Wednesday’s trading session.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
Benioff also shared his thoughts on the AI industry and dismissed the idea that it is overhyped. Instead, he believes that AI is on the verge of driving significant change and that we’re still in the early days of this technology. In addition, when talking about the AI capabilities of the U.S. and China, Benioff said “that the U.S. has a definitive lead.”
Furthermore, the Salesforce CEO weighed in on the competitive landscape of the AI industry and praised the innovative work being done by companies like Google (GOOGL), Microsoft-backed OpenAI (MSFT) and Anthropic. He was particularly impressed by Google’s Gemini technology, which he suggested may actually be ahead of the curve.
Benioff Takes a Swipe at Microsoft’s Copilot Tool
Benioff also took a swipe at Microsoft’s AI efforts by calling its Copilot tool a “repackaged” version of ChatGPT. Salesforce’s Agentforce, which can autonomously answer customer questions or describe products to clients, has gained traction with major clients like FedEx (FDX) and IBM (IBM). On the other hand, Microsoft’s Copilot has been criticized by Benioff and others for being overly reliant on existing technology.
Is CRM a Good Stock to Buy Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CRM stock based on 32 Buys, seven Holds, and two Sells assigned in the past three months, as indicated by the graphic below. After a 21% rally in its share price over the past year, the average CRM price target of $396.94 per share implies 19.3% upside potential.
