Salesforce (CRM) is likely to post "uninspiring" Q4 results amid a challenging operating environment and rising competition, but shares of the company are attractive for long-term investors, Oppenheimer said in a Tuesday research report.

Oppenheimer said it views Salesforce as an AI winner, given its data gravity, robust Agentforce adoption cycle, and scope for margin growth.

For Q4, the analysts expect earnings of $3.02 per share on revenue of $11.18 billion. Investor expectations for Q4 results are low as the business navigates a transition amid negative SaaS sentiment, according to the note. The company is due to report Q4 results on Feb. 25.

Channel checks showed that the company's AI business is positioned for durable growth, particularly due to high non-adopter interest levels for Agentforce. However, stiff AI competition is complicating enterprise product strategies and limiting Agentforce project expansion, according to the note.

Oppenheimer reiterated its outperform rating on the stock and cut its price target to $275 per share from $300.

Price: 183.38, Change: -6.34, Percent Change: -3.34