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Investing.com — Salesforce (NYSE:CRM) rose 1.5% after Morgan Stanley (NYSE:MS) upgraded the stock.
Analyst Keith Weiss bumped shares to a buy-equivalent from equal-weight, calling the company well-positioned and cheap.
Shares are down more than 20% since hitting a record last year. Sales and profit jumped throughout the pandemic, and Weiss said demand is improving.
The analyst cited three catalysts that could drive shares higher, StreetInsider reported. CRM may benefit from a broad portfolio; the purchase of Slack helping to expand the potential user base for Salesforce beyond traditional customers; and margins that reflect stable unit economics and a structural opportunity to move higher.
Weiss also noted comments from the new chief financial officer, Amy Weaver, saying growth and efficiency must go hand in hand.
He maintained the price target of $270.
