2022-06-24 06:40:23 MSFT Microsoft
ServiceNow
06/24/22 06/2406:40 06/24/2206:40 | Citi names top software picks with sector de-rating 'mostly done'Citi analysts Tyler Radke and Fatima Boolani say that with valuation multiples near multi-year lows, they believe the software sector "de-rating is mostly done." While valuations have largely stabilized, there is still potential for more volatility ahead, driven by risks to estimates in the second half of 2022, the analysts tell investors in a research note. Their updated top picks across applications and data management "have more of a defensive posture" with ServiceNow (NOW) and Microsoft (MSFT) at the top. The companies are most exposed to "still resilient" IT budgets, Radke and Boolani contend. They are taking a "more selective approach to high growth" where they have confidence in the durability of growth for MongoDB (MDB) and Elastic (ESTC). In infrastructure and security, they like Atlassian (TEAM), Fortinet (FTNT) and Crowdstrike (CRWD). Microsoft
ServiceNow
MongoDB
Elastic
Atlassian
Fortinet
Crowdstrike
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On The Fly
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Meet Altamira: Fly exclusive interview with CEO Thomas Meyer »
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Altamira CEO says 'things have normalized' after some COVID-related delays
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AerCap management to meet with Truist »
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Treasury's $32 B 10-year auction was well received »
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Earnings
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Notable companies reporting before tomorrow's open »
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Options
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CC Neuberger Principal Holdings II options imply 12.6% move in share price post-earnings »
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Raymond James downgrades Ballard Power to Market Perform, raised target to $10 »
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NASDAQ market internals summary »
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Goldman Sachs suspends rating on Avaya amid investigations »
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ConocoPhillips participates in a conference call with Goldman Sachs »
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Ballard Power downgraded to Market Perform from Outperform at Raymond James »
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Salzgitter price target lowered to EUR 25 from EUR 44 at UBS »
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Galenica price target raised to CHF 72 from CHF 69 at UBS »
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ConvaTec price target raised to 275 GBp from 260 GBp at UBS »
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Carnival plc price target raised to 884 GBp from 878 GBp at UBS »
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BT Group price target lowered to 174 GBp from 181 GBp at UBS »
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General news
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Disney options imply 5.4% move in share price post-earnings »
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