智通财经网·2026-01-22 07:03Group 1 - Mizuho Securities has lowered the target prices for several tech companies, focusing on Atlassian, Cloudflare, and Microsoft [1] - The target price for Atlassian has been reduced from $245 to $225, for Cloudflare from $280 to $255, and for Microsoft from $640 to $620, while maintaining a "buy" rating for all three [1] - Analyst Gregg Moskowitz noted that the overall performance of market research for Q4 is solid, with strong demand for AI applications and healthy cybersecurity needs [1] Group 2 - There is a noted slowdown in the release of year-end budgets compared to previous years, and investor concerns about AI disrupting industries continue to suppress valuation multiples for many software companies, particularly in the SaaS sector [1] - From a valuation perspective, the current enterprise value-to-sales multiple is 55% lower than the five-year peak and 30% lower than the average [1] - The firm believes that the risk-reward ratio for the next twelve months is attractive, despite high uncertainty potentially leading to challenges and volatility [1]