KeyBanc Downgrades Salesforce—Agentforce Adoption Isn't Materializing

KeyBanc cut Salesforce to Sector Weight and dropped its price target. The downgrade hinges on channel checks—conversations with resellers and customers—showing scant evidence that Agentforce, Salesforce's AI agent product, is scaling. Wall Street has already priced in success here. This call directly challenges that assumption, without waiting for earnings disclosures. Results due July 9.