Salesforce.com (CRM) experienced a pre-market plunge of 5.00% on Thursday, as the stock continued to face significant selling pressure.

The decline follows a downgrade by KeyBanc Capital Markets, which moved its rating on the stock to Sector Weight from Overweight. The analyst cited weak customer feedback and a lack of evidence that the company's AI agent offering, Agentforce, would provide meaningful future upside, leading to lowered estimates and the removal of a price target.

Investors are also continuing to assess the financial implications of a major $13.5 billion defense contract awarded to Salesforce's Missionforce division by the U.S. Air Force. While strategically significant, the market appears concerned about potential pressure on profit margins and elevated implementation costs associated with the large-scale military deployment.