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Salesforce, Inc. (NYSE:CRM) is one of the undervalued large cap stocks to buy. On April 1, Evercore ISI analyst Kirk Materne reiterated an Outperform rating and $260 price target on Salesforce, Inc. (NYSE:CRM). The decision came after Salesforce’s Slackbot event, which Materne said reinforced his conviction in Salesforce’s long-term positioning in what he calls the “agentic enterprise.” The analyst defined agentic enterprise as a world where AI agents, not human users, drive software actions.

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According to Materne, Salesforce is repositioning Slack from a messaging and collaboration tool into the primary front door for AI-powered work. He noted that Slackbot is the interface through which AI agents receive instructions and carry out tasks across the enterprise.

Materne also noted that Salesforce’s management has been telegraphing this “agentic front door” thesis for a while. However, what made this event notable was the explicit acknowledgment that the traditional SaaS interface is going away. In its place is an entirely AI-driven interface where users interact through natural language rather than menus.

The analyst flagged the “network effect” around Slack as a key structural advantage. This is the idea that because so much institutional knowledge, conversation history, and workflows live inside Slack, the more data that accumulates in the system, the more powerful and accurate Salesforce’s AI agents become, Materne explained. He added that this creates a self-reinforcing competitive moat that is difficult for rivals to replicate.

Salesforce, Inc. (NYSE:CRM) is a software company. It provides cloud-based customer relationship management solutions for businesses and organizations. Its products include applications for sales, marketing, customer service, commerce, and data management.

While we acknowledge the potential of CRM as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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