UBS research report pointed out that Salesforce's first quarter remaining performance obligation (cPRO) did not meet expectations, and the expected revenue growth slowed down in the next quarter. There is a weakened demand and order compared to the previous quarter, which may seriously affect the sentiment of the software industry, and confirm investors' concerns about the overall spending weakening so far this year. The free cash flow multiple for the 2025 fiscal year is 15 times, and the bank believes that there is no substantial risk of further downgrade, but there is no clear catalyst for fundamental recovery, so it maintains a "neutral" rating.

The bank said that at a price of about $230, Salesforce's stock price is about 15 times the estimated free cash flow for the fiscal years 2025 and 2026, which is a discount relative to its peers and seems cheap for a growth rate of 8% to 9%, but investors may need better performance in the second half of the year to re-focus on the stock. The bank lowered the target price from $310 to $250, and the target price adjustment was based on its forecast of free cash flow for fiscal years 2025 and 2026, which was about 16 times compared to 20 times with its peers, and it seems reasonable.