Salesforce. com stock is coming under selling pressure Monday after Piper Sandler analyst Brent Bracelin cut his rating on the cloud-based enterprise-software giant as part of a broader call asserting that that Street estimates for 2024 look too optimistic for cloud software.
The analyst also lowered ratings on four other stocks. He cuts Asana stock to Underweight from Neutral, with a new target of $16, down from $24, and likewise downgrades Alteryx stock to Underweight from Neutral with a target of $30 For Matterport stock , his rating drops to Neutral from Overweight, with a new target of $2, down from $4. And for Unity Software stock , he moves to Neutral from Overweight, with a target of $30, down from $48.
The analyst also says there were signs of weakness in some third-party measures of customer activity in September, including visitor-growth trends to websites. Bracelin contends that valuations for both large caps and smaller names show “little margin for error.” And not least, he says that “investor sentiment remains mixed,” on concerns over interest rates and macroeconomic conditions.
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