Why Salesforce Stock Lagged the Market on Friday
One day after it experienced a nice 3% bump in price, Salesforce (NYSE: CRM) stock traded slightly down on Friday and was eclipsed by the S&P 500 index's 0.4% gain. That followed an analyst's rather drastic price-target cut.
The person putting a damper on Salesforce stock was Atlantic Equities' Peter Sazel. Before market open, he took a machete to said price target. He now believes the shares are worth $140 apiece, down quite some distance from his previous $200.
There are several concerns behind Sazel's aggressive cut. Salesforce has seen several changes in the C-suite of late, and the prognosticator believes that this could negatively affect the company's ability to sign new deals. The latest departure was announced on Wednesday, specifically that of Chief Technology Officer for Security Taher Elgamal.
Source Fool.com
