Cloud software faces a rough and uncertain time ahead as corporate budgets gird for a feared recession
, but one analyst said that risk is not even among players in the sector and that investors need to be “highly selective” in their picks.
In a Thursday note, Bernstein analyst Mark Moerdler said some cloud software companies like Workday Inc. WDAY are showing almost no signs of headwinds, while companies like Microsoft Corp. MSFT , Atlassian Corp. TEAM , and Splunk Inc. SPLK are “feeling the pain.” Given how this past earnings season played out, Moerdler provided his lay of the land in the cloud software sector.
Moerdler said Adobe Inc. ADBE , which reported late Thursday, “has become a show-me story” and its in-line outlook “shows the resilience of the business even considering their small- to -medium business and consumer exposure.” Meanwhile, Moerdler called Datadog DDOG “an exciting outperform recommendation,” while Snowflake Inc.’s SNOW “growth is expected to slow more than expected.”
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