Have Salesforce shares hit bottom? BNP Paribas eyes catalysts to turn stock around

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• At 4Q results, Salesforce announced a $50bn repurchase authorization, with the first $20bn completed by 3/15, the next $5bn completed by the end of FY27e, and the final $25bn yet to be scheduled

  60% confidence

• Buybacks are clearly not enough to trigger new investor interest or confidence, but next week's event highlighting Slackbot may serve as a near-term catalyst as it is likely to be another step in demonstrating real-world customer adoption of Salesforce's AI products

  60% confidence

• Total FY27 buyback estimate increases to ~$25bn from ~$16bn previously, driving an 8% reduction in diluted share count for FY27 versus prior estimate

  60% confidence

• Salesforce stock might have finally reached its low point, and multiple near-term catalysts could help

  60% confidence

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