Salesforce's (CRM) current Dreamforce customer survey supports the near-term growth outlook but offers little evidence of a demand inflection, Oppenheimer said Tuesday in a note.

The survey showed strong interest in Agentforce, with 85% of respondents having tested or deployed the product, while nearly half remain in the pilot or testing stage, leaving the pace of production adoption and monetization uncertain, according to the note.

The survey further suggests that spending priorities lean toward efficiency initiatives, providing a favorable backdrop for Agentforce and IT products over marketing and sales optimization.

Oppenheimer believes Agentforce has the potential to drive meaningful installed-base upside and growth acceleration for Salesforce, but production scale and adoption are lagging.

More than one-third of Dreamforce survey respondents have built or seriously evaluated CRM-adjacent workflows on a large language model platform, highlighting growing acceptance of AI-native orchestration, the note added.

Oppenheimer kept an outperform rating on Salesforce, with a price target of $275.

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