Morgan Stanley downgrades Salesforce to Equal Weight and cuts target to $185 from $287

Morgan Stanley analyst Adam Wood cut Salesforce to Equal Weight from Overweight on July 21, 2026, and lowered the price target to $185 from $287. He argued that Agentforce growth is coming partly at the cost of legacy subscription revenue and that organic growth may take longer to show up at company level. The stock fell as much as 3.9% intraday that day while the Nasdaq rose about 1.4%.

• Rating changed to Equal Weight from Overweight; price target $185 from $287
• Agentforce annualised run rate of $3.4 billion was about 7% of revenue, per the note
• Stock fell as much as 3.9% intraday on July 21 while the Nasdaq rose about 1.4%