KeyBanc Downgrades Salesforce on Agentforce Adoption Doubts—Based on Customer Checks, Not Earnings

KeyBanc cut Salesforce to Sector Weight, ditching its price target entirely. The downgrade rests on channel checks showing little evidence Agentforce is scaling, not on reported financials or guidance cuts. That matters: Wall Street has priced in agentic AI success; this call challenges the embedded growth assumption directly. The verdict comes July 9, testable against Salesforce's next earnings disclosure on AI bookings.