Cloud-based software giant Salesforce (CRM Quick QuoteCRM - Free Report) closed down over 8% on Wednesday after UBS analyst Karl Keirstead cut his rating and price target on the stock. Kierstead downgraded CRM to Neutral from Buy and lowered his PT on the shares to $265 from $315.

He argued that Salesforce’s sales growth may take a hit in 2022 because enough enterprise customers are reducing their spending. “[The potential decrease in growth] may outweigh the positive associated with the improving margin narrative.”

Shares of CRM have been under pressure since dropping 11% following its Q3 earnings report, while a general bearish attitude towards tech stocks have led to further market declines. CRM currently trades well below its all-time reached last November. Salesforce is a Zacks Rank #1 (Strong Buy), and its next earnings release is slated for the end of February.