Salesforce, Unity, Asana, Others Downgraded at Piper Sandler

Seekingalpha2023-10-23

Salesforce (NYSE:CRM), Unity Software (NYSE:U), Asana (NYSE:ASAN) and several other enterprise software stocks were downgraded at Piper Sandler on Monday, as the firm believes that the coming growth ...

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an \"airpocket\" risk as artificial intelligence gets priority over other features; third-party data showing an erosion having occurred in September; little margin for error with current valuations; and \"mixed\" investor sentiment.Bracelin downgraded Salesforce (CRM) to neutral from overweight, citing execution and M&A risk, as well as \"uncertainty\" on the ability to monetize artificial intelligence.Unity (U) was cut to neutral from overweight on risks to 2024 advertising growth after the developer snafu, while Asana (ASAN) was lowered to underweight from neutral due to concerns over renewals.Alteryx (NYSE: AYX) was downgraded to underweight from neutral over concerns about a 2024 recovery while Matterport (MTTR) was lowered to neutral from overweight as any acceleration in 2024 is likely \"optimistic.\"Additionally, Piper Sandler lowered estimates and price targets on 16 enterprise software stocks, including the aforementioned group of five, as well as Monday.com (MNDY), Hubspot (HUBS), Snowflake (SNOW), Freshworks (FRSH) and Expensify (EXFY).AvidXchange Holdings (AVDX), Global-E Online (GLBE), ON24 (ONTF), Riskified (RSKD), Weave Communications (WEAV) and Zoominfo Technologies (ZI) also saw price-target cuts.Analysts are largely bullish on Salesforce (CRM). It has a BUY rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates CRM a STRONG BUY.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":5,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2377995715"}