10:32 AM EDT, 08/18/2025 (MT Newswires) -- Salesforce ( CRM ) faces a cautious demand environment, with expansions from current customers leading Q2 activity, RBC Capital Markets said in a note Monday, citing partner checks.

RBC said pipeline trends for almost all partners were flat to down, particularly on new logo and replatforming activity.

The company's Agentforce platform came up in almost every C-level conversation, but adoption continues to be early and exploratory, according to the note.

The firm said sentiment is "slightly more constructive" for Q3, with partners seeing possible improvement in H2 if Salesforce ( CRM ) can clarify pricing, lower Data Cloud friction, and show tangible success stories from customers.

RBC has a sector perform rating on the stock and $275 price target.

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