智通财经网·2026-01-23 09:48Core Viewpoint - BNP Paribas believes that while major cloud computing giants like Microsoft and Google continue to dominate the AI application market, companies like ServiceNow and SAP will show "growth resilience" but will lag behind in stock price performance compared to these cloud leaders [1][2]. Group 1: Cloud Computing Giants - BNP Paribas maintains a strong bullish stance on Microsoft, viewing it as one of the biggest beneficiaries of the AI application wave, with a target price of $632 [3][4]. - The bank's enterprise spending trend survey indicates that companies are more optimistic about spending on major cloud platforms like Microsoft Azure, Amazon AWS, and Google GCP, which are seen as resilient in terms of customer spending [4][5]. Group 2: ServiceNow and SAP - ServiceNow and SAP are considered to have good fundamental resilience and improved demand, but their future outlook is not as positive as that of the major cloud computing giants [4][5]. - BNP Paribas has significantly lowered its target price for ServiceNow from $186 to $120, reflecting a cautious stance on its stock price outlook [3][4]. Group 3: Market Trends and Predictions - The bank's analysis suggests that traditional cloud software companies are facing more cautious IT spending from enterprises, especially in uncertain macroeconomic and geopolitical conditions [5][6]. - Analysts expect Microsoft to report a Q2 EPS of approximately $3.92, a 34% year-over-year increase, with total revenue around $80.28 billion, indicating a 30% year-over-year growth [7]. - ServiceNow is projected to report an EPS of about $0.89 and revenue of approximately $3.53 billion, reflecting a 19% year-over-year growth [7].