Here’s Why Salesforce (CRM) Stock Plunged 8.3% Today

This story originally appeared on Zacks

Cloud-based software giant Salesforce CRM It closed more than 8% lower on Wednesday after UBS analyst Carl Kersted lowered his rating and target price for the stock. Kierstead downgraded CRM to Neutral from Buy and lowered PT on the stock to $265 from $315.

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He said Salesforce sales growth could slow in 2022 because enough enterprise customers cut back on their spending. “[The potential decrease in growth] The positive associated with better narrative may outweigh the margin.”

CRM shares have been under pressure since dropping 11% after the third-quarter earnings report, while an overall bearish attitude toward tech stocks further dragged the market down. CRM is currently trading much lower than it ever was last November. Salesforce is Zacks’ #1 (strong buy), and its next earnings release is scheduled for the end of February.

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