大摩：宏观不确定性限制SaaS行业复苏看好HubSpot(HUBS.US)等四只股票

智通财经07-22

智通财经APP获悉，摩根士丹利近日发布研报称，该行对北美SaaS行业的第二季度调查结果反映出稳定性，但上调前瞻指引的可能性不大，这限制了SaaS行业的情绪复苏。大摩表示，其更偏好那些具有股票特定因素和/或2025财年指引保守的公司，例如HubSpot(HUBS.US)、Wix.com(WIX.US)、Klaviyo(KVYO.US)和Amplitude(AMPL.US)。大摩指出，SaaS类股票...

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href=http://www.zhitongcaijing.com/content/detail/1320562.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，摩根士丹利近日发布研报称，该行对北美SaaS行业的第二季度调查结果反映出稳定性，但上调前瞻指引的可能性不大，这限制了SaaS行业的情绪复苏。大摩表示，其更偏好那些具有股票特定因素和/或2025财年指引保守的公司，例如HubSpot(HUBS.US)、Wix.com(WIX.US)、Klaviyo(KVYO.US)和Amplitude(AMPL.US)。大摩指出，SaaS类股票...</p>\n\n<a 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Sustainability Cl AM Dis H2-SGD"},"translate_title":"Morgan Stanley: Macro uncertainty limits SaaS industry recovery, optimistic about four stocks including HubSpot (HUBS.US)","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HUBS":1},"content_text":"智通财经APP获悉，摩根士丹利近日发布研报称，该行对北美SaaS行业的第二季度调查结果反映出稳定性，但上调前瞻指引的可能性不大，这限制了SaaS行业的情绪复苏。大摩表示，其更偏好那些具有股票特定因素和/或2025财年指引保守的公司，例如HubSpot(HUBS.US)、Wix.com(WIX.US)、Klaviyo(KVYO.US)和Amplitude(AMPL.US)。大摩指出，SaaS类股票年初至今大幅落后于更广泛的软件行业，主要原因是市场对人工智能(AI )替代风险及结构性增长放缓的担忧。虽然未来12个月EV/S倍数已压缩约29%(从5.8倍降至4.5倍)，但未来12个月营收预期仅下调了约2%。大摩表示，市场对SaaS行业Q2财报的预期较低，但季节性疲软缺乏积极催化，意味着市场可能很难推翻空头论调、提振情绪。该行补充称，其渠道调查显示年第二季度业绩大致符合预期，其首席信息官(CIO)调查显示软件支出预期仍具韧性。不过，CIO对整体IT预算的信心有所减弱，预计上调预算的CIO与预计下调预算的CIO的比例下降至0.7(Q1为0.8)，表明2025年企业IT预算可能面临下调风险。因此，大摩预计，SaaS行业Q2财报整体大致符合预期，但由于宏观不确定性持续，未来半年指引上修的空间有限。从中期看，CIO调查显示，前端SaaS支出中的周期性阻力正在减弱，并且前端用例中对生成式AI的投入正在上升。但在Q2财报发布时，唯一能推翻“生成式AI会蚕食软件支出”这一负面预期的催化剂是对未来指引的上修(或更佳情形——生成式AI动能能转化为软件预算增加)，但这或许还需更长时间观察。大摩认为Q2财报难以触发这一积极催化。大摩表示，其看好HubSpot、Wix.com、Klaviyo和Amplitude。具体来说，大摩表示：1、Wix.com——估值不高，对下半年展望持保守态度，但Q1新用户群增长加速、新产品周期(Wix Studio、AI导入)带来助力。大摩对该股的股票评级为“增持”，目标价为207美元。这一目标价较该股7月21日收盘价153.96美元有34%的上涨空间。2、HubSpot——渠道调查显示Q2业绩与Q1类似，尽管估值溢价压缩，但多项增长杠杆可推动中短期增长。大摩对该股的股票评级为“增持”，目标价为752美元。这一目标价较该股7月21日收盘价546.64美元有38%的上涨空间。3、Klaviyo——Q2指引保守，但电商需求及中小企业支出数据健康，令业绩有望在市场预期偏低背景下超预期。大摩对该股的股票评级为“持股观望”，目标价为40美元。这一目标价较该股7月21日收盘价32.51美元有23%的上涨空间。4、Amplitude——产品组合扩张有望提升份额，且生成式AI推动数字产品创作节奏加快，可能改善终端市场敞口。大摩对该股的股票评级为“持股观望”，目标价为12美元。这一目标价较该股7月21日收盘价12.62美元有5%的下行空间。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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大摩：宏观不确定性限制SaaS行业复苏 看好HubSpot(HUBS.US)等四只股票

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大摩：宏观不确定性限制SaaS行业复苏看好HubSpot(HUBS.US)等四只股票