CNBC’s Jim Cramer believes Salesforce will benefit from artificial intelligence-fueled momentum when the enterprise software giant reports earnings after the closing bell on Wednesday. Salesforce is “a big user of AI,” Cramer said Monday. “That’s going to be the theme on their conference call.” The cloud is expected to be another. The company leverages generative AI by analyzing customer data to make predictions about their future behavior. Its first conversational AI called Einstein GPT allows users to automate tasks and personalize customer experiences. Einstein is powered by Nvidia ‘s state-of-the-art chip technology. Outside of AI, investors will focus on Salesforce’s ability to balance growth and profitability as well as momentum in the firm’s fast-growing Data Cloud. CRM YTD mountain CRM stock performance. Salesforce caught two price target bumps ahead of the quarterly print: Stifel went to $330 per share from $300 (kept its buy rating) and UBS went to $310 per share from $285 (kept its hold rating). The only problem, as Cramer sees it, is that the PT hikes whip expectations even higher for a “quarter that is going to be difficult given the fact that the bar has been raised [already].” Salesforce, which nearly doubled in 2023, has added another 14% so far this year. The company is one of 32 holdings in Cramer’s Charitable Trust , the portfolio used by the CNBC Investing Club. Nvidia is also a Club stock.
This story originally appeared on CNBC
