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Salesforce stock earns another downgrade as Atlantic cuts on execution concerns

By Senad Karaahmetovic  Shares of Salesforce (NYSE:CRM) are down about 2% in pre-open Friday after Atlantic Equities analysts downgraded to Neutral from Overweight. They also cut...
Salesforce stock earns another downgrade as Atlantic cuts on execution concerns © Reuters Salesforce (CRM) stock earns another downgrade as Atlantic cuts on execution concerns
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By Senad Karaahmetovic 

Shares of Salesforce (NYSE:CRM) are down about 2% in pre-open Friday after Atlantic Equities analysts downgraded to Neutral from Overweight. They also cut the CRM stock target by 30% to $140 per share.

In a downgrade note sent to clients this morning, the analysts outlined several concerns, including several top executives leaving the software maker, Slack facing increased competition from MS Teams, headwinds that its Platform business is facing, as well as fears that Salesforce's growth could be more cyclical than in the past.

"The broad C-suite management exodus and a risk of slower-than-expected revenue growth. The cRPO growth has already deteriorated this year (21%, 15%, 11% YoY in the past three quarters), yet we fear that the recent departures could start hurting the company's ability to win new deals going forward," they said in a note.

The analysts are also worried that the market is overvaluing CRM shares, which trade over 6% above Atlantic's new price target.

"We fear investors could increasingly focus on GAAP valuation given slowing revenue growth, which would make Salesforce shares look expensive," the analysts added.

CRM stock was downgraded to Underperform at Bernstein two days ago with their analysts seeing more pain ahead.

"Comparing the valuation of Salesforce against peers we find that Salesforce is overpriced, as it has a similar growth rate to peers but lower margins and lower quality earnings," they wrote.

Salesforce stock closed at $149.60 yesterday.

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29-11-2023 06:33:31 (UTC+7)

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    EUR/USD 1.1005 ↑ Buy  
    GBP/USD 1.2712 ↑ Buy  
    USD/JPY 147.06 ↑ Sell  
    AUD/USD 0.6657 ↑ Buy  
    USD/CAD 1.3565 ↑ Sell  
    EUR/JPY 161.85 Neutral  
    EUR/CHF 0.9653 ↑ Buy  
    Gold 2,045.00 ↑ Buy  
    Silver 25.115 ↑ Buy  
    Copper 3.8518 ↑ Buy  
    Crude Oil WTI 76.59 Sell  
    Brent Oil 81.47 Sell  
    Natural Gas 2.797 Sell  
    US Coffee C 172.53 ↑ Sell  
    Euro Stoxx 50 4,347.25 ↑ Buy  
    S&P 500 4,554.89 ↑ Buy  
    DAX 15,992.67 Buy  
    FTSE 100 7,455.24 ↑ Sell  
    Hang Seng 17,383.50 Buy  
    Small Cap 2000 1,792.55 Sell  
    IBEX 35 10,003.40 ↑ Sell  
    BASF 42.705 Sell  
    Bayer 30.56 ↑ Sell  
    Allianz 230.55 ↑ Buy  
    Adidas 186.66 Sell  
    Lufthansa 7.787 ↑ Sell  
    Siemens AG 151.42 ↑ Buy  
    Deutsche Bank AG 11.090 ↑ Buy  
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