Salesforce shares are still stuck in a bear market. The stock is down about 34% from its 2025 high. While the S&P 500 and Nasdaq are hitting record levels, Salesforce continues to lag behind.
This has raised a big question for investors. Is Salesforce still worth buying at these levels.
The stock has been falling for most of the past year. Many investors are worried about how artificial intelligence could affect Salesforce’s business.
One concern is that AI tools may slowly replace some of the services Salesforce offers. At the same time, Salesforce’s own AI products are still new and not widely used yet.
There is also concern about the company’s strategy. Salesforce has relied heavily on acquisitions for growth. In 2025, it bought Informatica for $8bn. It also acquired several smaller firms like Bluebirds, Convergence.ai, Apromore, Spindle AI, and Doti.
In earlier years, Salesforce bought Slack, Mulesoft, and Tableau. Some investors believe companies turn to acquisitions when their core business starts slowing down.
Despite these worries, many Wall Street analysts remain positive. A Barclays analyst recently raised his price target to $338. Goldman Sachs has a buy rating with a target near $330. RBC also lifted its forecast to $290.
Across the market, analysts see upside. The average target from 44 analysts suggests the stock could rise about 35% from current levels.
The next big moment for the stock will be earnings on March 4. These results should show whether Salesforce managed to keep growing at the end of the year.
Analysts expect quarterly revenue of $11.18bn. That would be nearly 12% higher than last year. Earnings per share are expected to rise to $3.05 from $2.78.
For the full year, revenue is projected to reach $41.48bn. That would be growth of about 9%. Revenue could climb to $46bn the year after. Some of that growth will come from recent acquisitions.
Valuation is another point in Salesforce’s favor. The stock looks cheaper than before. Its forward price to earnings ratio is around 22. That is well below its five year average of 35 and lower than the sector average.
From a technical view, the picture is still weak. The stock has fallen from $367 in late 2024 to around $241. It is trading below key long term averages, which shows sellers are still in control.
Chart patterns suggest more downside could come. The stock may slide toward $225. If that level breaks, prices could fall further toward $200.
A recovery is still possible. But for that to happen, the stock would need to break above its current trading range and show clear strength again.
For now, Salesforce remains under pressure as investors wait for proof that growth can survive in an AI driven market.
