Stocks are trading at a two-year low this morning
shares of Salesforce Inc. (NYSE:CRM) It has been a bit lower this morning, last seen falling 0.8% at $129.38, hit by Baird’s bear market. The analyst downgraded the stock to “neutral” and lowered his price target by $50 to $150 for him. Pointing to the upcoming resignation of Salesforce’s co-CEO, announced earlier this month, the brokerage said the macro environment for the software company still looks volatile, Baird said, adding that the powerful combination could continue in the short term. In short, it could have a negative impact on his CRM bottom line.
When news broke that co-CEO Bret Taylor had decided to step down, we also pointed out: discreet seasonality It can add a layer of headwinds to your chart. So far, these predictions have been correct. The CRM broke below the recent support of $150 shortly after this news and then hit a two-year low. In fact, the stock is hitting a two-year low today, and he’s more than 48% in the red since the beginning of the year.
More analysts may follow Baird’s precedent. Of his 32 cases reported, 25 deemed the stock “buy” or better and headed to today. Additionally, the 12-month consensus price target of $199.27 is a 53.9% premium over last night’s close.