Salesforce's (NYSE: CRM) shares closed at an all-time high of $309.96 during the peak of the tech stock rally in November 2021. At the time, the leader of the cloud-based CRM (customer relationship management) services market seemed like a solid long-term investment.

But as of this writing, Salesforce's stock trades at about $155. It was cut in half as investors fretted over its cooling growth and macroeconomic challenges. Rising interest rates exacerbated that sell-off by broadly crushing the tech sector.

Could Salesforce's stock drop even further as the bear market drags on? Or could it recover as it streamlines its business and the macro environment improves? Let's weigh the bear and bull cases to find out.

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Source Fool.com