Shares of Salesforce (NYSE:CRM) are lower in today’s trading session, which can be attributed to an analyst downgrade. Peter Sazel of Atlantic Equities changed his rating from Buy to Hold while assigning a price target of $140 per share. For reference, his previous price target was $200.
Sazel is concerned about Salesforce’s slowing growth rate and isn’t sure that it can return to previous levels. He cited management departures and layoffs as catalysts that could impact the company’s ability to win new deals. In addition, Sazel noted that the lack of guidance from management is a sign that the risk of revenue slowdown is increasing.
Overall, Wall Street analysts are bullish on CRM stock with a Moderate Buy rating. In addition, the consensus price target of $189.25 implies 28.4% upside potential, as indicated by the graphic above.
