Key insights
- Citi and UBS downgraded multiple software stocks, including DocuSign, Veeva, Autodesk, and ServiceNow, to Neutral. This widespread downgrade suggests concerns about the software sector's near-term performance. While not a major shock, it adds to the negative sentiment and could lead to short-term price pressure on these stocks and potentially the broader software sector.
Citi woke up this morning and decided to ruin six software stocks before most of us had our coffee.
Somebody get this guy a raise — clearly he’s got the crystal ball (or just read the earnings reports the rest of us are ignoring).
Downgraded from Buy to Neutral:
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DocuSign (DOCU)
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Veeva Systems (VEEV)
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Autodesk (ADSK)
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Nice (NICE)
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CCC Intelligent (CCC)
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SimilarWeb (SMWB)
And because one bloodbath wasn’t enough, UBS joined the party and cut ServiceNow (NOW) to Neutral too.
Absolute genius. Nothing says “we’re very confident” like six simultaneous “meh” ratings.
The software bros are currently updating their résumés in 4K.