UPDATE: Global Equities Research Downgrades Salesforce.com

Global Equities Research lowers its rating on Salesforce.com

to Underweight from Equal-weight and establishes a new price target of $68, as the company may lose a third of its existing customer base to competitors. Global Equities Research comments, "Salesforce.com may lose 1/3rd of its customer base to Competition. On the high-end Salesforce.com may lose customers to Oracle and at the low end to various startups and low price provider. Salesforce.com probably gets 1/3rd of its customers from small business; 1/3rd from mid-side businesses and 1/3rd from large enterprises  Oracle, with its announcement of Public Cloud, has frozen the high-end market for Salesforce.com  Salesforce.com small business customers only use limited Salesforce.com functionality. Usually for contact management and lead generation." CRM closed at $119.32 a share on Wednesday.