Salesforce's (CRM) enterprise AI strategy may help sustain customer reliance on its platform and support growth, as large companies are unlikely to replace systems that run their core data, workflows and compliance processes, BofA Securities said Monday in a report.

Salesforce's four-layer AI architecture, spanning governed data, core applications, Agentforce and conversational interfaces such as Slack and Claudeforce, may deepen enterprise dependence, though AI monetization remains early and slower adoption is a near-term risk, the report said.

BofA lifted its subscription revenue growth forecasts to 10.4% for fiscal 2028 and 10.5% for fiscal 2029. Total revenue estimates were raised to $50.9 billion for 2028 and $55.98 billion for 2029, reflecting opportunities across Agentforce, Data 360, Slack, premium upgrades and core applications.

BofA upgraded its rating on Salesforce stock to buy from underperform and raised its price target to $285 from $160.

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