告别惨淡2025！Piper Sandler：安全与基础设施软件股估值已至“黄金买点”，GenAI长期赢家浮现

Core Viewpoint - Piper Sandler expresses cautious optimism for the security and infrastructure software sector in 2026, highlighting attractive valuations and potential for long-term growth despite challenges in 2025 [1] Group 1: 2026 Preferred Stocks - Piper Sandler's preferred stocks for 2026 include Palo Alto Networks, Atlassian, Check Point Software Technologies, Netskope, and ServiceNow, with Varonis Systems upgraded to "Overweight" and SentinelOne downgraded to "Neutral" [1][2] Group 2: Palo Alto Networks - Analysts maintain a positive outlook for Palo Alto Networks due to continued security spending favoring integrators, a rebound in service business growth, opportunities from fifth-generation hardware updates, and acquisitions enhancing its business [3] Group 3: Atlassian - Analysts are optimistic about Atlassian's growth potential, citing its unique product-driven growth model and ability to invest more in R&D for new features, which positions it as a low-cost solution provider in the software market [4] Group 4: Check Point Software Technologies - Check Point is viewed as a mature platform in cybersecurity, with improved execution and a strong combination of healthy firewall trends, focused product strategy, and new leadership supporting moderate growth acceleration [5] Group 5: Netskope - Netskope is recognized for its modern SASE platform, which offers strong security outcomes through its private network and fine-grained controls, making it suitable for enterprises with complex data security needs [5] Group 6: ServiceNow - Analysts note that ServiceNow's valuation has declined to about 29 times enterprise value/free cash flow, raising concerns about its growth sustainability due to challenges in user growth and delayed AI product launches [7] Group 7: Rating Adjustments - Varonis Systems' rating is upgraded to "Overweight" with a target price increase to $47, as analysts believe the stock has become an attractive long-term investment despite past customer losses and a focus on SaaS business [8] - SentinelOne's rating is downgraded to "Neutral" with a target price decrease to $17, as recent management changes and disappointing performance make other stocks more attractive despite its low valuation [8]