CRM
The new vibe check
Salesforce just got another Wall Street side-eye. KeyBanc downgraded the stock to Sector Weight from Overweight, with analyst Jackson Ader saying recent results and customer feedback don’t show much evidence of a meaningful recovery.
The analyst’s main gripe? Growth just isn’t giving “comeback season” energy. He pointed to soft channel checks, disappointing quarterly results, and Agentforce feedback that suggests the product still needs more time in the oven.
Why investors care
When an analyst starts talking about valuation as basically the only thing going for a stock, that’s not exactly a confetti cannon moment. The note also cast doubt on whether expectations for faster revenue growth, cRPO, and bookings are realistic anytime soon.
Meanwhile, CRM shares were down about 2% to $163.10 at publication, which tells you the market wasn’t exactly thrilled either. Salesforce did just land a new federal contract tied to the U.S. Air Force, but apparently one shiny defense win doesn’t erase the bigger slowdown narrative.
The bottom line
Salesforce is still trying to sell Wall Street on a future where AI products and enterprise deals kick growth back into gear. KeyBanc’s take is basically: show me, don’t tell me.
Big picture: if you own CRM, this is another reminder that the stock may still need real execution — not just a promising storyline — to win back the crowd.