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Morgan Stanley Upgrades Salesforce’s Stock to Overweight

Salesforce rises after Morgan Stanley upgrade to overweight

Analyst’s $350 target sees shares scaling fresh heights on AI

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Salesforce Inc. just won itself a new bull with Morgan Stanley analysts predicting that the artificial intelligence wave will help propel the software maker’s shares to record levels.

Even though Salesforce has surged 96% this year, Morgan Stanley’s Keith Weiss’s new price target of $350 sees a further 34% gain for the stock over the next 12 months, far surpassing 2021’s all-time high.

The stock rose as much as 3.1% on Thursday after Weiss hiked his recommendation to overweight from equal-weight, turning positive on the stock since a downgrade over the summer.

“Low investor expectations versus potential top-line upside drivers in price increases, product bundling and data cloud adoption, frame an attractive risk-reward for Salesforce,” Weiss wrote in a note.

Image: Saleforce