Deutsche Bank
Report published August 27, 2026
Salesforce (CRM) F2Q Analysis: Strong NNAOV Supports 2H Acceleration – Deutsche Bank
Source and citation context
- Issuer
- Deutsche Bank
- Report date
- August 27, 2026
- Analysis as of
- August 26, 2026
Authors / editors: Brad Zelnick (Lead Analyst), Bhavin Shah, CFA, Chris Fountain, Nick Giovacchini
Finvaulta summarizes Deutsche Bank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
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Salesforce delivered solid F2Q results highlighted by 14% constant currency cRPO growth and Agentforce ARR scaling above $1.5bn. Deutsche Bank reiterated its Buy rating and raised its price target to $275 from $255.
Key Takeaways
- 1.Salesforce delivered strong F2Q constant currency cRPO growth of 14% y/y (beating guidance) driven by near-record-low attrition and the strongest net new AOV growth in four years.
- 2.Agentforce ARR surpassed $1.5bn (up from $1.2bn in F1Q), with AWUs up 97% q/q to 3.2bn and half of bookings coming from customer credit replenishment.
- 3.Management raised FY27 organic revenue guidance by $100mn and F3Q cRPO growth guidance to ~14% CC, signaling revenue growth trough has passed.
Table of Contents
- Valuation & Risks
- F2Q - Strong NNAOV Supports 2H Acceleration
- What we liked/What we're watching on results
- What we liked/What we're watching on guidance
- Figure 1: F2Q27 Results
- Figure 2: Estimate Changes
- Estimate Revisions and Valuation
- Appendix 1
- Important Disclosures
- Analyst Certification
- Historical recommendations and target price: Salesforce (CRM.N)
- Company rating dispersion and banking relationships
- Additional Information
Report data
Figure 1: F2Q27 Results — as of August 26, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Price Target | 275.00 USD | Raised from $255 (+8%) |
| cRPO Constant Currency Growth | 14 % y/y | Beat guidance and analyst expectation of ~13% |
| Agentforce ARR | 1.5 USD bn | Up from $1.2bn in F1Q, growing over 240% y/y |
| Non-GAAP Operating Margin | 34.1% | -20bps y/y, beating consensus/estimate of 33.7% |
| FY27 Total Revenue Guidance | 46.1-46.4 USD bn | Up 11-12% y/y, raised by $200mn nominally |
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Authors / Editors
Brad Zelnick · Lead AnalystBhavin Shah, CFAChris FountainNick Giovacchini
Reported Data Context
- Price Target: 275.00 USD (12-month forward) · Source: Deutsche Bank Research
- cRPO Constant Currency Growth: 14 % y/y (F2Q27) · Source: Company reports
- Agentforce ARR: 1.5 USD bn (F2Q27) · Source: Company reports
- Non-GAAP Operating Margin: 34.1 % (F2Q27) · Source: Company reports
- FY27 Total Revenue Guidance: 46.1-46.4 USD bn (FY27) · Source: Company guidance
Securities
CRM
Themes
Enterprise Generative AI Adoption & MonetizationSoftware Organic Revenue Reacceleration
Regions
North AmericaUnited States