TMTB Morning Wrap
Good morning. QQQs +1.2% shaking off yesterday’s weakness as yields fall. BTC +2.5% breaking through $100k as Trump elevates crypto to policy priority. Let’s get straight to it…
CRM: Salesforce upgraded to Buy from Hold at TD Cowen
Cowen notes aprtner feedback shows strong Agentforce momentum, with GSI customer adoption expected to hit 40% by end '25 and notes checks show Data Cloud, Mulesoft and Einstein Copilot could be helped by Agentforce driving deals. Cowen’s CY25 outlook improves as they note CY24 growth headwinds fade, replaced by SKU upgrades and AI product momentum, though Agentforce impact delayed until 2HCY25. Cowen raises CY26 estimates to 10% growth/35% FCF margin from 9%/34%, with potential Rule of 45 achievement long-term. PT raised to $400 (~24x EV/CY26E FCF). Cowen views CRM as attractive AI Agent play given leadership in mind share, product innovation, and monetization at reasonable valuation.
Tiktok: Ruling at 10am? Supreme court website today says: “The Court may announce opinions on the homepage beginning at 10 a.m. The Court will not take the Bench.”
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