Shares of Salesforce (NYSE:CRM) are lower in today’s trading session, which can be attributed to an analyst downgrade. Mark Moerdler changed his rating from Hold to Sell while assigning a price target of $119 per share. For reference, his previous price target was $134.
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Moerdler cited the need for more margin improvements at a time when growth continues to slow. Furthermore, he believes that the recent layoffs at Salesforce will only slow down growth more and that the stock is overvalued relative to competitors.
Overall, Wall Street analysts are bullish on CRM stock with a Moderate Buy rating. In addition, the consensus price target of $191.13 implies 30.29% upside potential, as indicated by the graphic above.