The pullback in Salesforce (CRM) appears overdone. After dropping from about $160 to $129.19, the stock is oversold. It’s also over-extended on RSI, MACD, and Williams’ %R. From $129.19, we’d like to see the tock again challenge prior resistance around $160 again soon.
Helping, CEO Marc Benioff just told CNBC, “I’ll run Salesforce forever if I have to. I want it to be the most profitable software company in the world.” Benioff also aid CRM is reducing dilution and making things better for shareholders. He noted that customer attrition is at a record low and customer satisfaction is at a record high, as noted by TheFly.com.
Also, earlier this month, Credit Suisse analyst Phil Winslow reiterated an Outperform rating on the stock, with a price target of $225.