salesforce.com downgraded to "hold"

10/15/07 - Cantor Fitzgerald

NEW YORK, October 15 (newratings.com) - Analysts at Cantor Fitzgerald downgrade salesforce.com (CRM) from "buy" to "hold." The 12-month target price is set to $58.

In a research note published this morning, the analysts mention that the downgrade in the rating is based on valuation, since the company’s stock is unlikely to outperform the market in the near term. The performance of salesforce.com’s Platform Edition is likely to be robust going forward, which would boost the company’s future revenues, the analysts say. The company’s fundamentals remain unchanged, Cantor Fitzgerald adds.