UBS Downgrades Salesforce.com to Neutral; Slashes Price Target by 16 Percent

UBS Downgrades Salesforce.com to Neutral; Slashes Price Target by 16 Percent
The Salesforce logo is seen at its headquarters in San Francisco, Calif., on Dec. 1, 2020. Stephen Lam/Getty Images
Benzinga
Updated:

UBS analyst Karl Keirstead downgraded Salesforce.com Inc. to Neutral from Buy with a price target of $265, down from $315. The price target implies an upside of 6.7 percent.

After speaking to large enterprise IT executives and services partners of Salesforce, the analyst is concerned that more “front-office/sales and marketing” technology spend was pulled forward in 2020 and 2021 than most investors think.