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Salesforce Inc. (CRM) is moving past the early adoption phase of its AI-powered Agentforce platform. Investors are now zeroing in on how the company turns usage into revenue, and JPMorgan likes what it sees.
Analyst Samik Chatterjee said Wednesday that Salesforce's post-earnings product webinar strengthened the firm's confidence in the company's artificial intelligence strategy. JPMorgan maintained an Overweight rating and a $265 price target.
Chatterjee noted that the Agentforce debate has entered a more important second phase. The focus is shifting from attracting customers to expanding usage and generating recurring revenue.
That transition could accelerate Salesforce's revenue and annual recurring revenue growth. It could also offset pressure from slower growth in traditional software seats.
The number of customers running Salesforce AI products in production has roughly doubled since February. Customers that prove the technology's value in one area are also buying more products.
About half of Agentforce bookings tied to agent-specific applications come from customers purchasing additional credits after exhausting their original allocations. JPMorgan said that refill activity shows customers are moving beyond pilot programs and could create a durable, consumption-driven revenue stream.
Customer service is driving the strongest consumption. These applications use about five times as many Agentforce workload units as other use cases.
Salesforce cited SharkNinja, which achieved a 93% autonomous resolution rate. Live Nation recorded 37,000 interactions about 30 days after deployment.
Salesforce offers outcome-based pricing, flexible usage credits, and predictable subscription packages.
Agentforce One Edition sits at the top of that structure. It costs $550 per user each month and bundles premium applications, Slack, Tableau, Data Cloud, and unlimited internal Agentforce use. Headless access alone costs $50 per user each month.
JPMorgan said early demand for Agentforce One Edition points to a potentially strong upsell opportunity.
Salesforce is also expanding access beyond traditional software seats. Headless 360 allows employees to use Salesforce workflows through Slack, Claude, and specialized interfaces.
Premium Slack upgrades have tripled since Salesforce launched Slackbot, according to the company.
JPMorgan expects Salesforce to increasingly charge customers for business outcomes, such as resolved cases, qualified leads, and processed orders.
The model could improve margins if Salesforce routes each task to the most cost-effective AI model. However, it also carries risk. An unsuccessful task can consume computing resources without generating revenue.
Chatterjee identified Salesforce's upcoming investor day at Dreamforce as the next major catalyst. The event could connect the company's expanding Agentforce strategy with its medium-term financial outlook.
Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $266.36. Recent analyst moves include:
Significance: Because CRM carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
CRM Price Action: Salesforce shares were down 0.82% at $256.00 at the time of publication on Wednesday, according to market data.
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