2026년 2월 9일 · Unknown · financial · 출처 Yahoo Finance
Investing.com -- Morgan Stanley believes the sharp pullback in software valuations has created buying opportunities across nine major technology names, arguing that fears around generative AI disruption have gone too far.
Analyst Keith Weiss wrote in a note to clients on Monday that “peak uncertainty has severely impacted Software multiples,” with a roughly 33% drop since October 2025.
He added that at “~4.4X EV/Sales, the average software multiple is back into the range last seen during the peak uncertainty around Public Cloud.”
The analyst noted that investors are underestimating the ability of incumbent vendors to benefit from AI adoption.
According to the note, “the bear case arguments around GenAI appear to give too little credence to the ability of incumbent software vendors to participate in this innovation cycle.”
Morgan Stanley highlighted Microsoft, Intuit, Salesforce, ServiceNow, Atlassian, Snowflake, Cloudflare, Shopify and Palo Alto Networks as the most attractive opportunities, citing strong product cycles, improving financial metrics and discounted valuations.
Microsoft was described as “a clear participant in the most important innovation cycles,” while Intuit’s valuation was labelled “very attractive.” Salesforce, meanwhile, saw AI-related annual recurring revenue grow 114% year-on-year. Shopify is seen as "best positioned to accrue more than their fair share of an expanding online commerce pie."
The bank said generative AI represents a significant long-term opportunity, estimating it could add “~$400 billion to the broader Enterprise Software TAM by 2028.”
Weiss added: “Bottom line: the question is not whether Software will ultimately monetise in this innovation cycle, but rather who will participate.”
Related articles
Morgan Stanley says buy these 9 AI-hit software stocks on discount
Gold may hit $5,000/oz in 1H'26 - HSBC
Wolfe Research outlines eight risks that could spark stock declines in 2026
View Comments