Salesforce.com Inc (NYSE:CRM) was featured as the call of the day, Wednesday on CNBC's "Fast Money Halftime Report," following bullish analyst coverage from Deutsche Bank.
What To Know: Salesforce shares are down nearly 10% over the last week and more than 30% over a three-month period. Despite the stock's dismal performance, the Deutsche Bank analyst reiterated Salesforce with a Buy rating and a $300 price target ahead of earnings next week.
Cerity Partners' Jim Lebenthal owns the stock and is looking to add, but he plans to hold off for now.
"I'd like to add to Salesforce," Lebenthal said. "The problem that I have is that it's not so much what they say, it's what happens with interest rates."
He told CNBC that he expects the U.S. 10-Year Treasury Yield to reach 2.25%, which won't do any favors for Salesforce, trading around 43 times forward earnings, according to data from Benzinga Pro.
"As that happens, that's going to keep a lid on the stock," Lebenthal said. "I'm likely to add to it, but not anytime soon because it's not until the 10-Year rises to 2.25% that I think the ceiling comes off the stock."
See Also: What Could A Salesforce NFT Cloud Mean?
Salesforce is set to announce its fourth-quarter financial results after the market closes on March 1.
CRM Price Action: Salesforce's 52-week high is $311.75. It's making new 52-week lows during Wednesday's trading session.
The stock was down 2.01% at $191.20 at the time of publication.
Photo: courtesy of Salesforce.
