Salesforce downgraded to Market Perform at Cowen with disruption risk elevated

As previously reported, Cowen analyst J. Derrick Wood downgraded Salesforce to Market Perform from Outperform with a price target of $160, down from $175. He sees elevated risk of disruption given several recent executive departures and a major restructuring underway, Wood tells investors. He expects more uneven growth in coming quarters given this disruption risk, tougher macro conditions and his concerns about customer spending behavior during renewals, Wood added.