Salesforce Inc. (NYSE: CRM) is quietly mounting a comeback.

Shares are up more than 25% from the April low and are trading just under $290 heading into next week’s earnings.

While it’s still some distance from its all-time high around the $370 mark, the stock is setting up well, and a strong report could be the catalyst that gets it there by the end of June.

Here are 3 reasons investors should be excited about that happening.

1. Technical Setup Remains Bullish

Salesforce’s chart has turned decisively upward after falling for much of February, March, and April. The MACD remains in positive territory and continues to trend higher, a strong momentum signal, while RSI has been steadily climbing and now sits at around 60. That suggests plenty of room remains before the stock hits overbought conditions.

The move has also come with consistent volume and clean consolidation between legs higher. Shares have now reclaimed the 50-day moving average and moved above the March highs. If earnings confirm the trend, a breakout toward $370 becomes a realistic technical target.

2. Analysts Are Turning Up the Heat

In recent weeks, a string of bullish analyst notes has added further weight to the rally. Mizuho reiterated its Outperform rating last week and set a price target of $380, which would mark a fresh all-time high. The firm noted Salesforce’s positioning in enterprise AI and platform-level integration as key drivers of long-term value creation.

This echoed Needham's move last month, when it also maintained its Buy rating and issued an even more aggressive price target of $400. Analyst Scott Berg highlighted Salesforce’s Agentforce platform as a standout, calling it a sweeping example of AI innovation.

According to Berg, Salesforce is moving quickly to create a full-service AI platform for customer support and HR functions, with multichannel capabilities and enhanced feedback loops through its new Testing Center and Agent Interaction modules.

Berg noted that these improvements are geared toward helping businesses scale their agent functionality more efficiently, using real-time performance feedback powered by AI.

This vision of Salesforce not just offering AI features, but building an intelligent operating layer across its ecosystem, is what continues to separate it from many peers. It’s a thesis that is resonating more strongly with analysts and enterprise buyers alike.

3. Earnings Momentum Is on Its Side

Salesforce has been consistent regarding earnings, and that reliability is starting to matter again. Last quarter, the company delivered its highest revenue print ever, continuing a trend of steady top-line growth and margin expansion.

Looking back over multiple quarters, Salesforce has missed earnings expectations only a handful of times, and often by negligible margins. More importantly, it has managed to maintain strong guidance and execution throughout challenging macro conditions, winning favor with institutions that prioritize stability.

The bar is not unrealistically high with next week’s results on deck. However, if Salesforce can show continued growth in subscription revenue, meaningful adoption of its AI features, and upside on margin guidance, the market could reward the stock with a fresh breakout.

Setting Up for a Return to Record Highs

Salesforce has spent much of 2024 lagging behind other big-cap tech names, but that may change. The stock has quietly reclaimed key levels, technicals are pointing upward, and analysts are again leaning bullish. Meanwhile, the company continues to innovate in enterprise AI and deliver results that reinforce its leadership position.

If earnings next week confirm what the chart and the Street suggest, Salesforce could be back in the spotlight and at all-time highs sooner than expected.

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