UPDATE: J.P. Morgan Lowers Price Target On salesforce.com To $133

According to J.P. Morgan, salesforce.com CRM price target is lowered to $133. J.P. Morgan said that it is lowering its PT from $145 to $133 based on a 9x EV/ACLV (down from 10x) due to compressing valuations in SaaS. “CRM pulled back more than the broader market after holding steady. We believe that the market is asymmetrically biased to the downside on CRM and therefore remain on the sidelines until the risk trade shows less signs of a negative bias.” salesforce.com closed yesterday at $114.06.