04:17 PM EDT, 09/04/2025 (MT Newswires) -- Salesforce ( CRM ) didn't raise its fiscal 2026 sales outlook for the second quarter in a row, despite strong growth in the data cloud and artificial intelligence segments, UBS Securities said Thursday.

Late Wednesday, the customer relationship management platform maintained its full-year constant-currency revenue growth outlook at 8%. The company posted stronger-than-expected second-quarter results.

The unchanged guidance came even as management was upbeat on the second-half pipeline and bookings momentum, UBS analyst Karl Keirstead said in a note to clients.

"This in our view speaks to a quite mature CRM software market and a reality that 'front-office AI' investments are simply very early-stage," Keirstead wrote. "We're content staying patient on the stock until we can more clearly see a path back to (10%-plus) growth."

Salesforce ( CRM ) shares declined nearly 4.9% at market close on Thursday. The stock has lost nearly 27% in value so far this year.

For the ongoing three-month period, the company projects revenue to rise 8% to 9% year over year to between $10.24 billion and $10.29 billion, which would mark a deceleration from 10% growth reported for the second quarter. The Street was projecting $10.29 billion in third-quarter revenue on Wednesday.

UBS expects subdued investor sentiment due to the projected sequential deceleration, as well as "the lack of any upside" to the company's full-year outlook despite the robust growth in AI and data, according to the note.

"Salesforce ( CRM ) did sound confident in the (fourth-quarter) pipeline and bookings, messaging that a material (fourth-quarter) deceleration in (current remaining performance obligation) was unlikely," Keirstead said. "But we'd argue that (software-as-a-service)/apps investor sentiment is such that investors will need more tangible proof points that Salesforce's ( CRM ) growth is setting up to accelerate to (10%-plus in 2027) to come back to the stock."

The brokerage maintained its neutral rating and a $260 price target on the Salesforce ( CRM ) stock.

The company now expects its planned acquisition of cloud data management firm Informatica ( INFA ) to close in its 2026 fiscal fourth quarter or early in 2027, Salesforce ( CRM ) Chief Operating and Financial Officer Robin Washington said on an earnings conference call late Wednesday, according to a FactSet transcript. "At this time, given the variability and potential closing timing, we have not included any contribution from Informatica ( INFA ) in our guidance."

Salesforce ( CRM ) agreed to acquire Informatica ( INFA ) in May in a deal worth about $8 billion. The companies said at the time that they expected the deal to be completed early in Salesforce's ( CRM ) fiscal 2027.