It has been a while since Salesforce Inc (NYSE:CRM, ETR:FOO), the US software group best known for its customer management tools, had investors properly excited. But Goldman Sachs thinks that may be about to change.
After a strong showing at its annual analyst day, the bank says the company has laid out a convincing path to grow revenues beyond $60 billion by 2030, while lifting operating margins from around 34% today to roughly 40%.
Shares rose 4% after the event, and Goldman reaffirmed its "buy" rating with a $385 target.
Salesforce’s plan hinges on the rise of "agentic AI", software bots built into its platform that can act autonomously to complete business tasks.
Goldman argues these tools could transform Salesforce’s existing base of more than 150,000 corporate customers, turning the much-hyped threat of artificial intelligence into a growth catalyst instead.
Early signs are encouraging. The company disclosed $440 million in annual recurring revenue from its agentic AI products in the second quarter of fiscal 2026, up 400% year on year.
Broader AI-related revenues, including its Data 360 platform, now exceed $1.2 billion and are growing at more than 120% a year. Salesforce expects its 10,000 paying AI customers to double by the end of next year.
Goldman highlights the launch of Agentforce 360, which promises greater reliability and control for companies wary of AI "hallucinations".
The upgrade includes tools that let firms script how agents behave and ensure their decisions follow strict business rules, a key concern for regulated industries such as finance and the public sector.
The bigger picture, Goldman says, is that Salesforce is proving it can grow faster and more profitably at scale. After lagging the Nasdaq this year, with the shares down nearly 30% while the index is up 18%, the company’s improving sales trends and margin discipline may prompt a rethink.
AI adoption across enterprises remains uneven, and Goldman concedes that mainstream uptake could take another year. But with net new order growth back in positive territory and strong demand for automation, the broker thinks the story is turning.
Salesforce may not yet have shaken off every doubt about its AI ambitions. Still, Goldman’s analysts suggest that for investors with patience, the company’s combination of scale, data and automation could finally start to pay off.