Salesforce's Free Cash Flow Could Double by 2029 Amid AI Push, Analyst Says While Upgrading Stock

Piper Sandler analyst Brent Bracelin upgraded Salesforce Inc CRM from Neutral to Overweight and raised the price target from $268 to $325.The re-rating reflects a favorable risk-reward given the potential for free cash flow per share to double to $20+ by fiscal 2029 (calendar 2028) from $9.65 in fiscal 2024 (calendar 2023), even if top-line growth remains at subdued levels of 8%-9%.Bracelin flagged that Salesforce also has the lowest valuation multiple relative to large-cap software peers on an Enterprise V ...