Will This Price Target Decrease Hurt Salesforce.com (CRM) Stock Today?

Story updated at 10 a.m. to reflect market activity.

NEW YORK (TheStreet) -- Barclays lowered its price target for Salesforce.com (CRM) to $63 from $69 Wednesday.

Salesforce.com fell -2.9% to $52.31 in morning trading.

The firm maintained its "overweight" rating for the company. Barclays analyst Raimo Lenschow raised EPS estimates for Salesforce.com, citing a better than expected revenue guidance and healthy backlog growth.

"Generally speaking, this was probably a solid start to the year for Salesforce.com," Lenschow wrote. "However, with SaaS stocks still trading under pressure and sentiment still lackluster (even after a good quarter - e.g. DATA, N, NOW), it is not clear that these numbers will catalyze a turning point in the near future."

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Separately, TheStreet Ratings team rates SALESFORCE.COM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate SALESFORCE.COM INC (CRM) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and generally higher debt management risk."

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