RTTNews | Jan 5, 2022 10:54AM EST

10:54 Wednesday, January 5, 2022 (RTTNews.com) - The California-based software-as-a-service company, Salesforce.com, Inc. (CRM), is trading lower on Wednesday after the UBS analysts downgraded the stock to "neutral".

Karl Keirstead, an analyst with UBS, decided to change the status of the stock to Neutral from Buy. The revised target price has also been dropped to $265 per share from $315. The analyst believes that there is a "more modest growth rate upside" in 2022. Keirstead also believes that the stock's valuation is "reasonable but not compelling".

The stock is currently trading at $234.29, down $13.94 or 5.62% since the previous close at $248.23. The stock opened at $236.17 in the morning. In the 52-week period, the stock has ranged between $201.51 and $311.75 per share.

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