This could be the toughest year for enterprise software companies in a long time,
Deutsche Bank
Analyst Brad Zelnick said, lowering his rating on a wide range of stocks.
“We anticipate 2023 to be another tumultuous year for software stocks as investors are looking for confirmation of a bottom as fundamentals could deteriorate further,” Zelnick wrote in a research report on Monday. “This is the most difficult piece of prospecting we have written in our combined decades of the field. Given the importance of macro factors, more facets to analyze and a broader range of results, we struggle to have confidence in the short term, although ironically we cannot be adamant. than in my thinking in the long term.”
