Salesforce.com's stock plummeted 5.34% at the market open on Thursday, as the CRM software leader faced significant selling pressure.

The sharp decline was triggered by a downgrade from KeyBanc Capital Markets, which moved its rating on the stock to Sector Weight from Overweight. The analyst cited concerns about the company's Agentforce AI agent platform, noting weak customer feedback and a lack of evidence for meaningful revenue acceleration in 2026. KeyBanc removed its price target on the stock, contributing to negative investor sentiment.

Additionally, investors continued to assess the financial implications of a major $13.5 billion defense contract awarded to Salesforce's Missionforce division by the U.S. Air Force. While strategically significant, the market appears concerned about potential pressure on profit margins and elevated implementation costs associated with the large-scale military deployment, compounding the sell-off following the analyst downgrade.