Citi thinks the worst of this year's sell-off in software names may be in the past, leading it to update its top picks.
The firm added Microsoft to the top of its list, noting that it's one of the stocks most exposed to "still resilient IT budgets" and has "defensive hybrid apps/infra characteristics." Analyst Tyler Radke also said the firm has high conviction in Microsoft's "sustained double digit growth," led by momentum in its commercial cloud business, and long-term pricing power.
"With valuation multiples near multi-year lows, we believe the sector de-rating is mostly done, especially with Citi's 10-year interest rate Dec-31 forecast for 2.75% ." He also said valuations are back to multiyear lows, which could lead to estimate cuts in the second half of the year. "Software valuation multiples relative to the S & P 500 and in hypergrowth have fallen to multi-year lows and have come as 10-year interest rates have risen dramatically.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Citi to launch Bitcoin custody services for institutional investorsToday (June 22), Citi made the announcement that it has chosen METACO as the partner to develop and trial digital... Continue reading
Lire la suite »
'Strong growth ahead': Bank names its top EV battery stocks, giving one over 60% upsideInvestment bank Nomura says some of the global stocks offer investors 'resilience in volatile times.'
Lire la suite »
BIS Says Crypto Weaknesses Have Materialized Following Market Sell-Off – Featured Bitcoin News'You just cannot defy gravity... At some point, you really have to face the music,' said the BIS chief about crypto. cryptocurrency bitcoin $BTC
Lire la suite »
Hundreds line up to get monkeypox vaccine in New York CityDemand was so high that it overwhelmed capacity and forced the city cut off walk-ins.
Lire la suite »
Take it or leave it: why the McLaren 12C was a near-masterpiece | AutocarThe McLaren MP4-12C is our used car pick of the week
Lire la suite »
$3 million scratch-off lottery ticket sold at Philadelphia storeA scratch-off lottery ticket worth $3 million was sold at a store in Philadelphia.
Lire la suite »