金吾财讯 | Salesforce(CRM)盘中逆势上扬，现报180.14美元，涨3.82%。
消息面上，美国银行恢复对 Salesforce（CRM）的评级，给予 “弱于大盘” 评价，目标价 160 美元，核心理由是其人工智能转型引发行业结构性重置。
该软件巨头周一盘前股价基本持平，略有下跌。分析师 Tal Liani 团队指出，Salesforce 虽仍是根基稳固的平台，但人工智能转型带来结构性重置，暴露出三大问题：新增客户增长乏力、追加销售潜力有限、AI 货币化效果不佳。
分析师认为，该公司正从高速增长平台向成熟现金流创造者转型，预计未来年增长率将结构性降至约 10%。同时，AI 转型虽方向正确，但当前 Agentforce 业务收入贡献不足 2%，且超 60% 订单来自现有客户拓展，新增客户有限。
此外，AI 带来的竞争风险加剧，谷歌、Adobe 等企业纷纷布局相关领域，市场重叠度提升，对 Salesforce 的增长和定价权形成压力，其长期增长仍面临挑战。
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