华尔街分析师：暴跌过度，美股软件股跌出“黄金坑”

Group 1 - Market professionals believe that the recent sell-off in software stocks has been excessive, creating new buying opportunities at lower prices [1][4] - Morgan Stanley strategists noted the potential for a rebound in the software market due to overly pessimistic expectations regarding AI disruption and strong fundamentals [1] - Jefferies found that 42% of the software stocks they cover are trading at or near historical undervaluation levels, indicating potential for a strong rebound [4] Group 2 - The S&P North American Software Index's expected price-to-earnings ratio recently fell below 20 for the first time, currently around 23, significantly lower than its long-term average of 34 [1] - A notable ETF tracking the software industry experienced a 15% drop over eight trading days but rebounded by 7.2%, with retail investors showing record buying activity [4] Group 3 - Companies like Microsoft, Snowflake, ServiceNow, Salesforce, and Palantir Technologies have been mentioned as long-term winners that have also suffered during the sell-off [5] - Snowflake's stock dropped 27% in a short period, but it is positioned favorably within the AI ecosystem, having signed significant partnerships with OpenAI and Anthropic [6] Group 4 - Concerns about AI coding replacing existing software packages have contributed to the negative sentiment in the software market, with recent market declines linked to new AI tools released by companies like Anthropic and Alphabet [8] - Despite the uncertainty, industry research predicts a 14.1% earnings growth rate for the software and services sub-sector by 2026, which is higher than the expected growth rate for the S&P 500 [8] Group 5 - Some companies, like Monday.com and S&P Global, have faced disappointing earnings forecasts, leading to significant stock price declines [9] - However, the overall performance of software companies in the current earnings season has been strong, with 10 companies exceeding earnings expectations, indicating that the negative trend may not be severe enough to deter investors [9]