大摩：耐心等待軟件股黎明
隨着2022年即將結束，許多科技行業的投資者都希望把這糟糕的一年拋在腦後，並將目光轉向2023年。
不過，儘管市場對通脹、利率上升和科技行業支出放緩的擔憂情緒不可避免，摩根士丹利分析師仍對軟件行業未來一年的前景持“黎明之前總是最黑暗”的看法。
智通財經APP獲悉，由分析師Keith Weiss領導的摩根士丹利研究團隊表示：“投資者情緒低迷，人們因2023年消費趨勢疲軟的風險而對該行業的關注急劇下降並不令人驚訝。雖然我們充分認識到消費環境的惡化，但我們擔心投資者可能會因噎廢食。”
考慮到這一點，摩根士丹利表示，對於關注軟件市場的投資者來說，關鍵是要靈活，並考慮採用基於訂閱的營收模式、“以企業爲中心”的大型公司。
對摩根士丹利來說，ServiceNow(NOW.US)是其在該行業的“首選”，因爲該公司在整合現有客戶羣中的支出方面處於“有利地位”。Weiss的團隊表示，“該公司訂閱模式的性質讓我們對增長的持久性充滿信心”，並有可能在短期內提高利潤率。Weiss給予ServiceNow“增持”評級。
另外，微軟(MSFT.US)在公共雲、數據管理和安全等關鍵軟件增長領域也獲得了摩根士丹利的青睞。Weiss表示，市場對微軟產品的需求仍然“強勁而持久”，微軟“應該能夠比投資者擔心的更好地維持商業業務的增長”。與ServiceNow一樣，摩根士丹利也予以微軟“增持”評級。
Weiss的團隊也看好Palo Alto Networks(PANW.US)，予以該股“增持”評級，目標價約爲143美元，並預計該股有可能在兩年內翻倍。摩根士丹利補充道，如果Palo Alto Networks保持目前的發展勢頭，它將成爲第一家市值達到1000億美元的網絡安全專用軟件公司。
摩根士丹利還維持Snowflake(SNOW.US)、CrowdStrike(CRWD.US)、Datadog(DDOG.US)、HubSpot(HUBS.US)、SmartSheet(SMAR.US)、Toast(TOST.US)和ZoomInfo(ZI.US)“增持”評級。
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