Salesforce (NYSE:CRM) stock is a hot topic on Thursday after the company’s shares got a new rating from Morgan Stanley analyst Keith Weiss.
The Morgan Stanley analyst upgraded shares of CRM stock from an “equal weight” rating to an “overweight” rating. To put that in perspective, the analyst consensus rating for CRM shares is moderate buy based on 40 opinions.
To go along with that increased rating, Weiss increased the firm’s price target for CRM stock from $290 per share to $350 per share. That represents a potential upside of 34.5% for CRM. It’s also well above the analyst consensus price prediction of $259.61 per share.
What’s Behind the Bull Stance on CRM Stock?
Here’s what the Morgan Stanley analyst had to say about Salesforce in a note to clients obtained by Bloomberg:
“Low investor expectations versus potential top-line upside drivers in price increases, product bundling and data cloud adoption, frame an attractive risk-reward for Salesforce.”
Following that upgrade for CRM stock, the company’s shares are up 2% as of Thursday morning. That comes as some 1.8 million shares change hands. That’s still below its daily average trading volume of about 5.3 million shares.
Investors who are searching for even more of the latest stock market stories are going to want to stick around!
InvestorPlace is home to all of the hottest stock market news that traders need to know about on Thursday! That includes everything happening with shares of Clover Health Investments (NASDAQ:CLOV) stock, Micron (NASDAQ:MU) stock and Joby Aviation (NYSE:JOBY) stock. You can catch up on all of these matters at the following links!
More Stock Market News for Thursday
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
