Salesforce.com: The Stock Is Too High, Wedbush Says

Take profits in Salesforce.com (CRM), Wedbush Morgan analyst Michael Nemeroff advises.

Nemeroff this morning cut his rating on CRM to Sell from Hold, noting that the shares at last night’s close of $37.38 were more than $10 above his $27 target price. His view is that the company’s small and medium-sized customers “could continue to be pressured by negative economic headwinds and that subscriber attrition at existing larger customers could continue to increase over the next 1-3 years due to shelf-ware reductions from multi-year agreements coming up for renewal.”

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