Slides as Citi Downgrades on Valuation (CRM) shares are trading lower after Citigroup’s Brent Thill this morning cut his rating on the stock to Hold from Buy on a valuation basis.

Thill notes that he sees no cracks in the company’s fundamentals, and that the stock has held up well given the weakening economy and difficult equity market. He says CRM shares have benefited from continued “beat and raise” quarters and a potential mergers-and-acquisition premium. But he says that a near-term takeout is unlikely, and that “signs of caution could pressure the stock.”

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