Eben@CANSLIM ResearchCiti Research has kept a Neutral rating on Salesforce Inc (CRM.N) with a US$233 price target after early Dreamforce customer and partner checks showed a markedly more constructive tone than a year ago. The report, published on 16 September 2026, says conversations have shifted from AI experimentation towards tangible use cases and measurable ROI, though customers remain wary on cost management. With CRM trading at US$255.65, the target implies an expected share price return of -8.9% and a total return of -8.2%.
Key Takeaways
- Citi Research rates Salesforce Inc (CRM.N) Neutral with a US$233 target price, implying -8.9% expected share price return from the US$255.65 close on 15 September 2026.
- Dreamforce 2026 checks were incrementally positive, with the tone described as notably more constructive than a year ago and a shift from AI vision to tangible products.
- Salesforce’s internal AI Labs group, which includes recent acquisitions Qualified and Regrello, has improved momentum and strategic direction around AI.
- Many customers flagged confusion over cost management and indicated a desire to keep Salesforce spending flat after moving to premium AI packages.
- Citi’s target is derived from an 11x forward EV/FY28 FCFF multiple after a 40% discount for competition and AI disruption risk.
What Citi’s Dreamforce Checks Found
In a report titled “Early Dreamforce Takeaways Feature More Constructive Tone,” Citi Research analyst Tyler Radke, alongside Andrew Girard, Peter Griffith and Yitchuin Wong, recaps early customer and partner conversations from the Salesforce conference and adjacent events. The team characterises the overall takeaways as incrementally positive, while noting that questions persist around AI packaging, spend optimisation and long-term cost management.
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