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  4. UBS Cautious on Cyber Stocks as Expectations Not Pricing Any Weakness
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UBS Cautious on Cyber Stocks as Expectations Not Pricing Any Weakness

By Sam Boughedda In a note to clients on Wednesday, a UBS analyst said that the firm is more cautious on cyber stocks such as CrowdStrike (NASDAQ:CRWD), SentinelOne, Inc. (NYSE:S),...
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UBS Cautious on Cyber Stocks as Expectations Not Pricing Any Weakness © Reuters. UBS Cautious On Cyber Stocks as Expectations Not Pricing Any Weakness

By Sam Boughedda

In a note to clients on Wednesday, a UBS analyst said that the firm is more cautious on cyber stocks such as CrowdStrike (NASDAQ:CRWD), SentinelOne, Inc. (NYSE:S), and Zscaler (NASDAQ:ZS) into the print.

UBS took the stance based on the view that expectations are not pricing in any weakness.

Based on UBS' August checks, the analyst said: "Anecdotal evidence of deal scrutiny impacting sales cycles is there and while efficacy remains a key purchase decision, checks suggested TCO and ROI are increasingly important factors. We see this supporting incumbents with polished platform consolidation stories."

The analyst added that "broadly, pipelines continue to sound strong and we don't get the sense that partners are cutting 2H outlooks. Comparatively, thoughts on CY23 pipelines are understandably opaque, but on the margin we'd argue partners sound positive on demand persisting beyond the next 2 quarters - citing the breach environment, regulatory/insurance changes, and supply-chain pressure as demand tailwinds."

The analyst explained that across broader software, June quarter results have been "broadly better than feared," especially for companies that were previously conservative.

"In total, the outperformance that cybersecurity saw over broader software through the first half of the year faded through July before closing entirely following June Q earnings, but has since opened back up over the past few weeks. This outperformance was strongest in April, when cyber concerns around Russia/Ukraine were highest and had faded through some 1Q earnings," explained the analyst.

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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AUD/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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