BofA Raises Price Targets on 10 Software Stocks Including ServiceNow and Snowflake
TLDR
- BofA raised price targets on 10 software stocks, citing easing AI disruption concerns and improving investor sentiment
- ServiceNow target raised to $150, Snowflake to $395, and Figma to $33
- Analyst Tal Liani kept Buy ratings on ServiceNow, Figma, Snowflake, Box, Asana, and Zeta
- Adobe kept at Underperform as AI competition threatens its core business
- All 10 stocks are up at least 41% from their 52-week lows
Software stocks have been under pressure for much of the year. Wall Street has worried that advancing AI models could replace key software functions, a trend some have called the “Saaspocalypse.”
But something has shifted in recent weeks. A broad rebound is underway across the sector, and BofA Securities analyst Tal Liani has responded by raising price targets on 10 software names.
Liani said the moves reflect “broad-based multiple expansion across software,” with no changes to underlying estimates or fundamental views.
He credited the rebound to strong earnings from select infrastructure software companies, easing AI disruption fears, and improved investor sentiment across large-cap and application software.
… Continue reading the full article at the original source below.
