Salesforce Inc (NYSE:CRM, XETRA:FOO) is expected to report third-quarter results broadly in line with Wall Street estimates, according to Jefferies, whose partner survey showed steady demand but limited near-term catalysts ahead of the company’s analyst day.
Jefferies’ 20-partner survey was “neutral to positive,” with 70% of respondents above or at plan for the quarter ending in October. “F3Q appears in line,” the analysts wrote, noting partners expect growth to accelerate to 10% in 2026 from 8% in 2025, aligning with Salesforce’s long-term target of more than 10% annual organic revenue growth through fiscal 2030.
The survey found 55% of partners seeing seat growth, offsetting concerns that AI could reduce user counts. But adoption of Salesforce’s new Agentforce AI products remains early.
Jefferies said tougher year-over-year comparisons leave “little room for upside” to consensus expectations of 10% growth in current remaining performance obligations and 9% revenue growth. Analysts will watch for updates on fiscal 2026 guidance after the close of Salesforce’s Informatica acquisition, expected to add three or four percentage points to growth in fiscal 2027.
Investor focus remains on AI monetization, as Salesforce’s agentic AI products generate roughly $440 million, about 1% of total revenue. Bulls are seeking signs of paying Agentforce customers rising and SMB strength spilling into enterprise deals.
Jefferies maintained a “Buy” rating with a $375 price target, noting long-term upside from AI and operational improvements. “We see upside for patient investors,” analysts said, even as revenue acceleration and free-cash-flow gains may not materialize until late 2026.
Shares have fallen 31% year to date, trading at a roughly 45% discount to peers on 2026 free-cash-flow multiples.