Chowdhry: Salesforce Revenue Acceleration 'Challenging,' But Positives Balance With Negatives

salesforce.com, inc. CRM shares are nearly flat on Tuesday following a one-month stretch that saw its stock fall from the $70s to below $60. Is there more pain in store?

Global Equities Research analyst Trip Chowdhry delved into the issue in a new note to subscribers.

"Revenue acceleration will be challenging [for Salesforce]," Chowdhry warned after attending several technology conferences, summits and hackathons. While Sales Cloud, Service Cloud and Salesforce 1 numbers are stable, Wave Analytics and the company's Internet of Things Clouds "will fail," Chowdhry predicted.

There's no clear winner in the Marketing Cloud space, he added.

Salesforce's current Sales Cloud growth is about 10 percent year-over-year, something Chowdhry said is "not sustainable." Layoffs from major clients like Hewlett-Packard and Cisco could slow sales in this area.

Additionally, the company's use of "1990's architecture" for the business segment means it will eventually need to be rebuilt on new technology. The company's Marketing Cloud division "will continue to remain fragmented," as the product has "no sustainable differentiation," Chowdhry said.

The positives, though -- Enterprise customers' use of Salesforce to re-write IBM Lotus Notes, high customer satisfaction, custom app development and high win rates versus competition -- balance the negatives, according to Global Equities Research.