11:13 AM EST, 12/04/2024 (MT Newswires) -- Salesforce's ( CRM ) Q3 represented a "solid" start for its Agentforce AI platform as the company signed more than 200 deals in the quarter and expects thousands more in the future, Morgan Stanley said in a note Wednesday.

The investment bank noted that while the deals signed for the company's artificial intelligence system for enterprises didn't materially impact its Q3 results, they were all signed in the five days between its general availability and the quarter's end.

"While most of these were 'seed and grow' deals sold into existing customers, there were larger deals in that cohort and some net new customers drawn to the platform by the Agentforce capabilities," Morgan Stanley said. The analysts also said that the company will debut Agentforce 2.0 on Dec. 17, "increasing the flexibility of its reasoning engine and expanding use cases to outside of ServiceCloud."

The firm said that while Salesforce's ( CRM ) Q3 results were "solid," the excitement in the shares comes from the sense the company "is firmly participating in this shift towards agentic computing, and perhaps leading it."

Morgan Stanley boosted the company's price target to $405 from $330 and maintained its overweight rating on the stock.

Shares of Salesforce ( CRM ) were up 8.5% in recent Wednesday trading.

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