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.
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.
Infrastructure stock boom to sweep America
A massive push to rebuild America’s crumbling infrastructure will soon begin. It is certain, urgent and inevitable. Trillions will be spent. fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a special report to help you do just that, and it’s free today. Discover 5 private companies looking to get the most from construction and repairs to roads, bridges and buildings, as well as moving goods and transforming energy on an almost unimaginable scale.
Download for free: How to capitalize on trillions of infrastructure spending >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 of the best stocks for the next 30 days. Click for this free report
salesforce.com, inc. (CRM): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research