Shares of cloud-based enterprise software provider Salesforce.com (NYSE: CRM) were trading 4.6% higher as of 2:05 p.m. ET Monday. The stock took a nearly 6% hit last week, a period that was capped off by news of the discovery of the omicron COVID-19 variant, and word that it has already begun to spread around the globe.
Besides a general reprieve from selling pressure as investors reassessed the risk presented by this new variant of concern, Salesforce's stock price was also rising Monday due to a Wall Street upgrade. Analyst Patrick Walravens of investment research firm JMP Securities reiterated Salesforce as a buy and boosted his price target to $350 from $320 before.
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Why Salesforce Stock Bounced More Than 4% Higher Today