Shares of Salesforce Inc. CRM, -3.50% sank 3.3% in morning trading, enough to pace the Dow Jones Industrial Average’s DJIA, -0.02% losers, after Monness Crespi Hardt analyst Jim Chartier said he was “stepping to the sidelines” amid concerns the worst is yet to come. Chartier cut is rating to neutral from buy, following the “generous” rally over the past week. “Given our concerns regarding the severity of this downturn, we believe Salesforce will face more challenging times over the next 12-18 months,” Chartier wrote in a note to clients. After closing at a 2 1/2-year low of $139.77 on Nov. 4, it run up 16.0% through Tuesday, before pulling back 4.3% on Wednesday. The stock has plunged 51.3% over the past 12 months, making it the Dow’s worst performer over that time; the Dow has slipped 7.2% over the past year. While Chartier believes the company is well positioned to capitalize on digital transformation over the long term, “the company has acquired with great fervor, engaged in profligate spending, and we believe the darkest days of the downturn are ahead of us.”