Jefferies published a report advising investors to maintain their holdings reduction ratio in software stocks due to slowing growth momentum and falling behind other industries such as semiconductors. The bank believes that 2026 will be another year for the gradual commercialization of artificial intelligence. More significant growth contributions and accelerated performance are needed to ease market concerns about AI disintermediation, so investment strategies need to be more selective. In terms of the bank's preferred stocks, giant stocks are Microsoft and META; large stocks are Intuit, Atlassian Corporation, and Oracle; medium stocks are Procore, Unity, and Wix.com; and small-cap stocks are Upwork. In the software sub-field, the bank preferred infrastructure over apps in the first half of the year, but believed that market sentiment about apps was generally out of touch with reality, and it is expected that app sentiment will improve in the second half of the year. The bank raised the IBM rating from “hold” to “buy,” raised the target price from $300 to $360, and lowered the Adobe rating from “buy” to “hold,” and the target price from $500 to $400.

Jefferies published a report advising investors to maintain their holdings reduction ratio in software stocks due to slowing growth momentum and falling behind other industries such as semiconductors. The bank believes that 2026 will be another year for the gradual commercialization of artificial intelligence. More significant growth contributions and accelerated performance are needed to ease market concerns about AI disintermediation, so investment strategies need to be more selective. In terms of the bank's preferred stocks, giant stocks are Microsoft and META; large stocks are Intuit, Atlassian Corporation, and Oracle; medium stocks are Procore, Unity, and Wix.com; and small-cap stocks are Upwork. In the software sub-field, the bank preferred infrastructure over apps in the first half of the year, but believed that market sentiment about apps was generally out of touch with reality, and it is expected that app sentiment will improve in the second half of the year. The bank raised the IBM rating from “hold” to “buy,” raised the target price from $300 to $360, and lowered the Adobe rating from “buy” to “hold,” and the target price from $500 to $400.