Why Salesforce Stock Forced Its Way Higher on Wednesday
Specialty tech stock Salesforce (NYSE: CRM) smoothly got over the hump of Hump Day, with its price inching up by nearly 1.5%. The latest analyst take on the company is positive, and investors obviously chose to accept the new evaluation.
On Tuesday, after market close, Credit Suisse (NYSE: CS) prognosticator Sami Badri assumed coverage of Salesforce stock. He is unabashedly bullish on the company, as he's tagged it with an outperform (buy, in other words) recommendation at a price target of $225 per share. That level is nearly $100 higher than its latest closing price.
The reasoning behind Badri's take on Salesforce stock wasn't immediately apparent. Nevertheless, it's not hard to be positive about it these days. The shares have taken a beating of late following a third-quarter earnings report that disappointed many investors, not to mention the unexpected departure of co-CEO Bret Taylor. This exacerbated the already-gloomy sentiment clouding even the best tech stocks on the market.
Source Fool.com
