Salesforce's Agentforce AI, Data Cloud Strengthen Long-Term Growth Potential: Analyst

Bank of America Securities analyst Brad Sills maintained a Buy rating on Salesforce, Inc CRM with a price target of $350 on Monday.

In Sills’ January report, the analyst outlined the case for Agentforce to drive incremental 1% to 2% points of cRPO growth as early as the second half of fiscal 2026.

The choppier macro since January likely pushes this to the first half of fiscal 2027.

Also Read: Salesforce’s Growth Path: Analyst Predicts $28.2 Billion Free Cash Flow By 2031, But Tariffs Could Delay Target

However, Sills remains bullish on Agentforce, given the strength in Data Cloud ($900 million ARR in the fiscal fourth quarter of 2025, up from $400 million in the fiscal fourth quarter of 2024).

Data Cloud is a leading indicator for Agentforce, given channel feedback that the primary use case is data preparation for Agentforce.

Sills conducted channel checks with key SIs to help inform some of these views.

The analyst noted two key deployment phases for Agentforce. They include data preparation (from 4 to 5 months) and agent development and testing (from 6 to 7 weeks).

To arrive at an Agentforce deployment that is material enough to drive meaningful conversation volumes, he noted that a customer would need 2 or 3 agents in production. These can be developed concurrently if the resources are available.

Concurrent production is likely to occur after the deployment of the first agent. In short, it is a six to seven-month cycle from data preparation to deployment of agents at a level where volumes are ‘spinning the meter’ materialistically.

Commentary from partners suggests that the ROI for Agentforce is still evolving based on use cases.

Based on current use cases, 50 cents to $1 per conversation is deemed a reasonable price, he says. It’s consistent with Sills’ model assumptions for 50 cents to 60 cents.

Key use cases evolving for Service Cloud include shipment tracking, product information retrieval, and renewal sales automation. These use cases represent a closer to 100% case deflection rate.

Agentforce is not yet able to automate more complex use cases. Such cases include direct interaction with prospects and providing investment advice. However, with more learning, added use cases and higher deflection rates are possible over time.

Price Action: CRM shares are trading lower by 4.93% to $235.09 at last check Monday.

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