Salesforce's (CRM) upcoming fiscal Q1 print may not catalyze new opinions on its stock as a material change to the company's estimates after the earnings update is not expected, Oppenheimer said in an earnings preview Thursday.

Ahead of the release of the company's quarterly results on Wednesday, the firm also noted the higher execution risk this fiscal year due to the macro disruption and various leadership changes.

Oppenheimer added that a material impact to financials from the company's Agentforce artificial intelligence platform "is further out."

"Nevertheless, Agentforce is an investable theme, its commentary will likely be positive, and multiples already discount most of these risks," the firm said.

Oppenheimer maintained the company's outperform rating and $380 price target.

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