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On the topic of a Slack divestiture: "Given the much different market environment, intense competition from Microsoft Teams, and the current financial profile (30% growth, mid-single-digit margins), we think Slack would be valued at ~6x EV/CY23E revenue (in line with our Rule of 30-40 peer group), implying an $11-12B valuation," Jaluria wrote in the note.

In addition, Jaluria suggested that MuleSoft, which is believed to be worth more than the $6.5B Salesforce paid for it, could also be shopped. Heroku and ClickSoftware were also posited as potential divestitures, as Jaluria said these areas of the company "would not disrupt Salesforce's core clouds."

Salesforce is now a holding company…How the mighty have fallen.

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