Microsoft Is Wells Fargo's Top Software Pick for 2024 As Bank Cuts Salesforce, Others

3
Comment
Favorite

Microsoft Is Wells Fargo's Top Software Pick for 2024 As Bank Cuts Salesforce, Others

Seeking Alpha2023-12-20

Wells Fargo published its outlook for the software space for 2024 on Wednesday, noting that the macro environment is stabilizing and there is "light at the end of [the] tunnel.And while the $2.7T ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

No comments yet

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1188196169?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-12-20 21:35","share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","id":"1188196169","market":"us","top_or_hot":-1,"title":"Microsoft Is Wells Fargo's Top Software Pick for 2024 As Bank Cuts Salesforce, Others","media":"Seeking Alpha","content":"<div>\n<p>Wells Fargo published its outlook for the software space for 2024 on Wednesday, noting that the macro environment is stabilizing and there is \"light at the end of [the] tunnel.And while the $2.7T ...</p>\n\n<a href=\"https://seekingalpha.com/news/4048369-microsoft-is-wells-fargos-top-software-pick-for-2024-as-bank-cuts-salesforce-others\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Microsoft Is Wells Fargo's Top Software Pick for 2024 As Bank Cuts Salesforce, Others</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMicrosoft Is Wells Fargo's Top Software Pick for 2024 As Bank Cuts Salesforce, Others\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-12-20 21:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4048369-microsoft-is-wells-fargos-top-software-pick-for-2024-as-bank-cuts-salesforce-others><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Wells Fargo published its outlook for the software space for 2024 on Wednesday, noting that the macro environment is stabilizing and there is \"light at the end of [the] tunnel.And while the $2.7T ...</p>\n\n<a href=\"https://seekingalpha.com/news/4048369-microsoft-is-wells-fargos-top-software-pick-for-2024-as-bank-cuts-salesforce-others\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ZI","symbol_name":"ZoomInfo Technologies Inc.","start_time":0,"source_url":"https://seekingalpha.com/news/4048369-microsoft-is-wells-fargos-top-software-pick-for-2024-as-bank-cuts-salesforce-others","article_id":"1188196169","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1188196169","pubTimestamp":1703079312,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Wells Fargo published its outlook for the software space for 2024 on Wednesday, noting that the macro environment is stabilizing and there is \"light at the end of [the] tunnel.And while the $2.7T behe","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ZI":"ZoomInfo Technologies Inc.","BLND":"Blend Labs, Inc.","BRZE":"Braze, Inc.","RNG":"Ringcentral Inc.","ZM":"Zoom","EVBG":"Everbridge Inc.","TEAM":"Atlassian Corporation PLC","MSFT":"微软","KLTR":"Kaltura, Inc.","CRM":"赛富时","GWRE":"Guidewire Software","DOCU":"Docusign","SNOW":"Snowflake","YOU":"Clear Secure, Inc."},"translate_title":"微软是富国银行2024年的首选软件，因为银行削减Salesforce，其他","themeId":"3e24a06b134544b39ea5a7e60150983f","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BLND":1.1,"BRZE":1.1,"CRM":1.1,"DOCU":1.1,"EVBG":1.1,"GWRE":1.1,"KLTR":1.1,"MSFT":1.1,"RNG":1.1,"SNOW":1.1,"TEAM":1.1,"YOU":1.1,"ZI":1.1,"ZM":1.1},"content_text":"Wells Fargo published its outlook for the software space for 2024 on Wednesday, noting that the macro environment is stabilizing and there is \"light at the end of [the] tunnel.And while the $2.7T behemoth Microsoft (NASDAQ: MSFT) is its top pick, there are some concerns about other companies in the space.The research firm noted that based on its year-end CIO survey, more than 90% of respondents said they expect their budgets to grow next year, with roughly 50% seeing high-single digit growth or higher. Microsoft (MSFT) received the most mentions of being the recipient of an increase in spending.\"We view the stable-to-improving budget environment for software as broadly positive for the space next year, and expect highest quality [companies] continue to outperform,\" the research firm wrote.The firm also expects data and artificial intelligence to be a major focus, with Snowflake (NYSE: SNOW) and Braze (BRZE) as its top picks in the space.Also expected is a \"gradual\" rotation from investors back to into growth names, with Atlassian (TEAM) its top pick. Conversely, it downgraded Salesforce (NYSE: CRM) to equal weight on the basis of the sharp run up in shares this year, noting that much of the value from the margin expansion story has been \"captured.\"\"Despite still palatable valuation levels ([less than] 25x EV/CY25 FCF), our diligence suggests the next growth drivers are further off than expected, and we expect CRM shares to prove more range-bound in [2024],\" the analysts wrote.The firm also expects a \"selective bounce back\" in the small and mid-cap space in software.\"Regardless of if macro improves in '24, we're expecting some of these forgotten names [with company] specific catalysts and/or inexpensive valuations to stage a comeback, given potential for upside to estimates + favorably skewed risk/reward,\" the analysts wrote.Zoominfo Technologies (ZI) is its top pick and it upgraded both Guidewire Software (GWRE) and Blend Labs (BLND) to overweight from equal weight, respectively.The fifth and final theme is that companies that were boosted by the pandemic are \"still stuck\" and \"creative fixes [have] become necessary.\"\"While we've exercised patience with some of the pandemic 'winners', it's become clear over the course of the past yr that many are still struggling to find stable footing,\" the analysts wrote. \"Given lack of clear growth/margin strategy going fwd, we're expecting an uptick in activist/M&A interest in '24 aiming to address these challenged models, but aren't expecting substantive fixes in all cases.\"As such, the firm downgraded Zoom Video (NASDAQ: ZM) to underweight from equal weight; DocuSign (DOCU) to underweight from equal weight; RingCentral (RNG) to equal weight from overweight; Everbridge (EVBG) to underweight from equal weight; Clear Secure (YOU) to underweight from equal weight; and Kaltura (KLTR) to underweight from equal weight.Analysts are largely cautious on Salesforce (CRM). It has a BUY rating from Seeking Alpha authors, while Wall Street analysts rate it a BUY. Conversely, Seeking Alpha's quant system, which consistently beats the market, rates CRM a STRONG BUY.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}