Salesforce Inc. (CRM) is doing that thing where a company tries to sell you AI and also buy back its own stock at the same time. So far, Wall Street seems fine with it.

The Analyst Walked Out of Dreamforce Feeling Good

BNP Paribas analyst Stefan Slowinski came away from Salesforce's Dreamforce Conference and Investor Day "incrementally positive." The reason? New business activity is accelerating relative to existing contract values, which he expects to fuel a revenue reacceleration beginning in the third quarter.

BNP Paribas maintained a $265 price forecast, representing about 6% upside from Salesforce's Sept. 16 price of $250.50.

Salesforce kept its fiscal 2030 revenue outlook at $63 billion, including Informatica. Slowinski said discussions with management suggested confidence and visibility around reaching that target have improved since last year.

Agentforce Has a Lot of Ways to Charge You

Slowinski highlighted Salesforce's growing range of Agentforce pricing models, including per-seat subscriptions, usage-based pricing, hybrid models and outcome-based pricing.

He sees upgrades to the AIforce Max+ tier, priced at $550 per user per month, as the clearest near-term opportunity. Only about 5% of customers had upgraded, while management indicated the sales team plans to push upgrades more aggressively.

Customer conversations also suggested Agentforce deployments are gaining momentum despite continued confusion around pricing. One partner cited a financial-services customer whose Salesforce renewal rose from roughly $3 million-$5 million to $14 million after a broader Agentforce deployment. That is not a typo. That is a renewal going from a rounding error to a line item.

Buybacks Are Doing Some Heavy Lifting

Slowinski also highlighted Salesforce's $25 billion accelerated share repurchase program. Management expects to complete the program at an average price of roughly $182 per share, reducing the share count by more than 14% and generating a return above 40% based on the current stock price cited in the report.

BNP also expects Salesforce's AI monetization opportunity to expand further as consumption and outcome-based pricing gain traction over time.

Where CRM Shows Up in ETFs

• iShares Expanded Tech-Software Sector ETF (BATS:IGV): 6.60% Weight
• First Trust Dow Jones Internet Index Fund (NYSE:FDN): 6.11% Weight
• Invesco BuyBack Achievers ETF (NASDAQ:PKW): 6.53% Weight

Significance: Because CRM carries such a heavy weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

CRM Stock Price Activity: Salesforce shares were trading higher by 0.12% at $243.14 during premarket trading on Friday, according to market data.