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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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21-02-2024 11:22:40 (UTC+7)

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EUR/USD

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    EUR/USD 1.0814 ↑ Sell  
    GBP/USD 1.2634 ↑ Sell  
    USD/JPY 149.90 ↑ Buy  
    AUD/USD 0.6567 Sell  
    USD/CAD 1.3512 ↑ Buy  
    EUR/JPY 162.14 ↑ Sell  
    EUR/CHF 0.9526 Neutral  
    Gold 2,041.80 Neutral  
    Silver 23.188 ↑ Sell  
    Copper 3.8688 ↑ Sell  
    Crude Oil WTI 77.28 ↑ Sell  
    Brent Oil 82.62 ↑ Sell  
    Natural Gas 1.704 Neutral  
    US Coffee C 188.03 ↑ Buy  
    Euro Stoxx 50 4,759.75 ↑ Sell  
    S&P 500 4,975.51 ↑ Buy  
    DAX 17,068.43 Sell  
    FTSE 100 7,719.21 ↑ Buy  
    Hang Seng 16,736.20 ↑ Buy  
    Small Cap 2000 2,003.65 ↑ Buy  
    IBEX 35 10,038.20 Sell  
    BASF 46.045 ↑ Sell  
    Bayer 28.77 Neutral  
    Allianz 249.40 Sell  
    Adidas 181.12 ↑ Buy  
    Lufthansa 7.339 ↑ Buy  
    Siemens AG 168.72 Neutral  
    Deutsche Bank AG 11.954 ↑ Sell  
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