BofA double-upgrades Salesforce to Buy with $285 target

BofA Securities double-upgraded Salesforce to Buy from Underperform on October 12, 2026. Equity research analyst Tal Liani raised the firm's price objective to $285 from $160, citing accelerating monetization of artificial intelligence products. Salesforce shares gained 3.4% in pre-market trading following the announcement, after closing at $229.13 on October 9, 2026.

The new target is based on an enterprise value to free cash flow multiple of 16.0 times for calendar year 2027. BofA previously applied a 9.0 times multiple, while the average multiple for software peers stands at 15.0 times. Salesforce generated $1.5 billion in annual recurring revenue from AI products in its latest fiscal quarter.

Broader Wall Street sentiment remains largely positive on the company. According to FactSet data, the mean price target sits at $282.78, with 79.0% of covering analysts holding buy-equivalent ratings. In recent updates, 35 analysts have revised forward earnings estimates upward.