Why Pension Funds Trim Salesforce While Analysts Stay Bullish: Agentforce Gap

Despite Salesforce beating earnings estimates and its AI platform, Agentforce, showing significant growth, pension funds are trimming their positions. This divergence stems from Agentforce's relatively small contribution to overall revenue (2.6%) compared to legacy systems, leading analysts like Morgan Stanley to downgrade the stock due to a slower-than-expected inflection point for company-wide organic growth. However, strong government contracts for Agentforce and a compressed valuation multiple are fueling a bullish counter-argument from other analysts.