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Source document· February 23, 2026

Salesforce: Boring on the Surface, Dangerous to Ignore

View original at finance.yahoo.com
Salesforce: Boring on the Surface, Dangerous to Ignore This article first appeared on GuruFocus. Looking at the current state of the tech market, I see a fascinating disconnect between reality and sentiment…
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  • Management noted that for the first time in years, the deal size for new business is growing faster than the deal size for existing business renewals

    80% confidence

  • Management signaled they are going to accelerate share buybacks in the second half of the fiscal year

    80% confidence

  • The narrative has been dominated by fears that artificial intelligence will disrupt Salesforce's business model

    80% confidence

  • The market is treating Salesforce like a boring legacy company that has seen its best days

    80% confidence

  • More than half of the new bookings for AI products (Agentforce and Data Cloud) are coming from existing customers

    80% confidence

  • Salesforce is successfully selling the AI agents themselves, opposite to fears that AI will replace human workers and shrink revenue

    80% confidence

  • Rating Salesforce as 'Strong Buy' with expected fair value of roughly $314 per share

    80% confidence

  • If the stock simply re-rated to its average historical P/E multiple of around 22x, the price would jump to over $280

    80% confidence
What we know · the intelligence behind this page
Live from the substrate
What we're seeing
Q4 2026 Clinical Catalyst Season: Big-Pharma Data Flow, Regulatory Milestones, and a Thin AI-Drug Fringe
October 2026 conferences (EASD, IGCS, NACFC, HFSA) are producing a dense run of late-stage readouts from Novo Nordisk, Lilly, Roche, Bayer, Vertex and Galderma. Regulatory milestones are scheduled behind them: the ivonescimab BLA PDUFA date on 2026-11-14, FDA acceptance of Roche's vamikibart BLA, and Scholar Rock's EMA resubmission. The AI-and-finance angle is peripheral. It consists of the AI-designed drug Rentosertib and QAIAx, a speculative microcap whose trial claims (the QIII pilot, anticipated 2027-01-01, and a patent update) are forecasts and filings rather than data, so they warrant skepticism.
Our read on the data ›
Signals we're tracking
EPKINLY Regulatory-Clinical Success Cascade
High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
Patterns we're watching ›
Where sources disagree
ING Group
Both facts record the same metric (shares_outstanding) for ING Group at the identical observation date (2025-12-31). FACT A states 2,902,437,688 shares; FACT B states 2,902 million shares (2,902,000,000). The difference is 437,688 shares (~0.015%). This is a genuine value conflict, though the discrepancy appears to result from FACT B rounding to the nearest million while FACT A provides the precise count.
We flag conflicts openly ›
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