<p>作者：漢娜·佩多尼</p>
<p>軟件股已從低點反彈，D.A. Davidson 分析師建議關注那些具有吸引力的增長率的股票</p>
<p>D.A. Davidson 分析師吉爾·盧里亞推薦 ServiceNow 作為在人工智能時代值得購買的軟件股票。</p>
<p>在經歷了一段艱難時期後，軟件行業顯示出一些動能，為願意超越對人工智能顛覆擔憂的投資者提供了機會。</p>
<p>iShares 擴展科技軟件行業 ETF（IGV）作為軟件股票的代表，自二月份低點以來上漲了 14%。根據 DataTrek 聯合創始人傑西卡·拉貝的説法，這標誌着 &#34;一個令人驚訝的反彈&#34;，與同期標普 500 指數大致持平的表現形成對比。儘管如此，該 ETF 今年迄今下跌了 19%，反映出對人工智能取代的擔憂，而標普 500 指數則下跌了約 1%。</p>
<p>與幾個月前相比，投資者現在對人工智能可能如何影響軟件行業有了更 &#34;全面的看法&#34;，D.A. Davidson 分析師吉爾·盧里亞告訴 MarketWatch。他指出幾隻具有高增長潛力和吸引力估值的軟件股票，值得投資。</p>
<p>符合這一類別的兩家企業軟件公司是 Box（BOX），它為企業提供協作工具，以及 LiveRamp Holdings（RAMP），一家數據和營銷軟件公司。</p>
<p>Box 的股票今年迄今下跌近 25%，而 LiveRamp Holdings 的股票上漲了約 1%。盧里亞預計這兩隻股票將跑贏大盤和軟件同行，指出這兩隻股票的自由現金流市盈率均低於歷史水平和行業平均水平。</p>
<p>例如，週二，Box 的股票交易價格大約為未來 12 個月預計自由現金流的九倍。相比之下，iShares 擴展科技軟件行業 ETF（IGV）的交易價格為 28 倍，根據道瓊斯市場數據。</p>
<p>Box 的股票交易價格低於其五年曆史平均市盈率的約 15 倍。</p>
<p>閲讀更多：這 6 只股票可能是即將到來的光學 &#34;超級週期&#34; 的主要贏家</p>
<p>盧里亞還提到了一些屬於 &#34;合理價格增長&#34; 類別的軟件股票，包括 Dynatrace（DT）和 ServiceNow（NOW）。根據道瓊斯市場數據，週二，Dynatrace 的股票交易價格大約為未來 12 個月預計自由現金流數據的 19 倍，而 ServiceNow 的股票交易價格大約為 23 倍。</p>
<p>根據 FactSet 的估計，Dynatrace 和 ServiceNow 預計在 2026 日曆年分別實現約 16% 和 21% 的收入增長，而 IGV 的共識預期約為 4%。</p>
<p>對於估值較高的成長股，盧里亞的推薦包括 Snowflake（SNOW）、Datadog（DDOG）和 Shopify（SHOP）。根據 FactSet 跟蹤的分析師，預計 Snowflake、Datadog 和 Shopify 在下一個日曆年的收入增長率分別約為 27%、20% 和 19%。然而，盧里亞表示，他預計 Datadog 今年的收入將增長 30%。</p>
<p>盧里亞表示，投資者對軟件股票的情緒發生積極變化的一個原因是對財報的反應有所改善。他説，在這個財報季初，投資者拋售了那些報告 &#34;極其優秀的財報&#34; 的軟件公司股票，因為他們 &#34;非常擔心軟件，根本不在乎你説了什麼。&#34;</p>
<p>然而，最近，曾被認為是 &#34;人工智能風險&#34; 的公司股票，包括 Salesforce（CRM）、RingCentral（RNG）和 Nice（NICE），儘管業績並不特別強勁，但仍然上漲。</p>
<p>盧里亞表示，即使人工智能將在 &#34;很久以後&#34; 影響該行業，軟件仍然值得投資。</p>
<p>另見：隨着伊朗衝突加劇，國防科技股票成為熱門交易</p>
<p>-漢娜·佩多尼</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 獨立於道瓊斯新聞通訊和《華爾街日報》發佈。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>03-10-26 1437ET</p>

標普軟件與服務 ETF - SPDR

SNOU

<p>軟件股票正顯示出復甦的跡象，D.A. Davidson 分析師 Gil Luria 推薦了幾隻投資股票，包括 ServiceNow、Box 和 LiveRamp Holdings。iShares 擴展科技軟件行業 ETF 自二月份的低點上漲了 14%，與標普 500 指數的平穩表現形成對比。Luria 強調了具有吸引力的增長率和合理估值的股票，並指出儘管對人工智能干擾存在擔憂，但投資者對軟件公司的情緒有所改善。主要推薦的股票包括 Dynatrace、Snowflake 和 Datadog，預計其收入增長率將顯著高於行業平均水平</p>

<p>By Hannah Pedone</p>
<div class="lb-trans"><p>作者：漢娜·佩多尼</p>
</div><p>Software stocks have bounced off their lows, and a D.A. Davidson analyst recommends focusing on those with compelling growth rates</p>
<div class="lb-trans"><p>軟件股已從低點反彈，D.A. Davidson 分析師建議關注那些具有吸引力的增長率的股票</p>
</div><p>D.A. Davidson analyst Gil Luria recommends ServiceNow as one software stock to buy in the AI era.</p>
<div class="lb-trans"><p>D.A. Davidson 分析師吉爾·盧里亞推薦 ServiceNow 作為在人工智能時代值得購買的軟件股票。</p>
</div><p>The software sector has shown some momentum after a tough stretch, leading to opportunities for investors willing to look past fears of artificial-intelligence disruption.</p>
<div class="lb-trans"><p>在經歷了一段艱難時期後，軟件行業顯示出一些動能，為願意超越對人工智能顛覆擔憂的投資者提供了機會。</p>
</div><p>The iShares Expanded Tech-Software Sector ETF (IGV), a proxy for software stocks, is up 14% off its February lows. That marks &#34;a surprising comeback,&#34; according to DataTrek cofounder Jessica Rabe, and one that contrasts with roughly flat performance for the S&amp;P 500 over the same span. That said, the ETF is down 19% so far this year, reflecting concerns about AI displacement, while the S&amp;P 500 is down about 1%.</p>
<div class="lb-trans"><p>iShares 擴展科技軟件行業 ETF（IGV）作為軟件股票的代表，自二月份低點以來上漲了 14%。根據 DataTrek 聯合創始人傑西卡·拉貝的説法，這標誌着 &#34;一個令人驚訝的反彈&#34;，與同期標普 500 指數大致持平的表現形成對比。儘管如此，該 ETF 今年迄今下跌了 19%，反映出對人工智能取代的擔憂，而標普 500 指數則下跌了約 1%。</p>
</div><p>Compared with a few months ago, investors now have a more &#34;comprehensive view&#34; of how AI may affect the software sector, D.A. Davidson analyst Gil Luria told MarketWatch. He pointed to several software stocks with high growth potential and compelling valuations that are worth investing in.</p>
<div class="lb-trans"><p>與幾個月前相比，投資者現在對人工智能可能如何影響軟件行業有了更 &#34;全面的看法&#34;，D.A. Davidson 分析師吉爾·盧里亞告訴 MarketWatch。他指出幾隻具有高增長潛力和吸引力估值的軟件股票，值得投資。</p>
</div><p>Two enterprise-software companies that fit into that category are Box (BOX), which makes collaboration tools for businesses, and LiveRamp Holdings (RAMP), a data and marketing software company.</p>
<div class="lb-trans"><p>符合這一類別的兩家企業軟件公司是 Box（BOX），它為企業提供協作工具，以及 LiveRamp Holdings（RAMP），一家數據和營銷軟件公司。</p>
</div><p>Shares of Box are down nearly 25% so far this year, while those of LiveRamp Holdings are up roughly 1%. Luria expects both stocks to outperform the broader market and software peers, noting that the stocks are both trading at multiples of price to free cash flow that are below historical levels and sector averages.</p>
<div class="lb-trans"><p>Box 的股票今年迄今下跌近 25%，而 LiveRamp Holdings 的股票上漲了約 1%。盧里亞預計這兩隻股票將跑贏大盤和軟件同行，指出這兩隻股票的自由現金流市盈率均低於歷史水平和行業平均水平。</p>
</div><p>For example, on Tuesday, shares of Box were trading at roughly nine times the estimated free cash flow for the next 12 months. By contrast, the iShares Expanded Tech-Software Sector ETF (IGV) was trading at 28 times, according to Dow Jones Market Data.</p>
<div class="lb-trans"><p>例如，週二，Box 的股票交易價格大約為未來 12 個月預計自由現金流的九倍。相比之下，iShares 擴展科技軟件行業 ETF（IGV）的交易價格為 28 倍，根據道瓊斯市場數據。</p>
</div><p>Box's stock trades at a discount to its five-year historical average multiple of roughly 15 times on that metric.</p>
<div class="lb-trans"><p>Box 的股票交易價格低於其五年曆史平均市盈率的約 15 倍。</p>
</div><p>Read more: These 6 stocks could be major winners of an upcoming optics 'supercycle'</p>
<div class="lb-trans"><p>閲讀更多：這 6 只股票可能是即將到來的光學 &#34;超級週期&#34; 的主要贏家</p>
</div><p>Luria also noted some software stocks that fall into the &#34;growth at a reasonable price&#34; category, including Dynatrace (DT) and ServiceNow (NOW). On Tuesday, Dynatrace's stock was trading at roughly 19 times estimated free cash flow data for the next 12 months, while ServiceNow's stock was trading at roughly 23 times, according to Dow Jones Market Data.</p>
<div class="lb-trans"><p>盧里亞還提到了一些屬於 &#34;合理價格增長&#34; 類別的軟件股票，包括 Dynatrace（DT）和 ServiceNow（NOW）。根據道瓊斯市場數據，週二，Dynatrace 的股票交易價格大約為未來 12 個月預計自由現金流數據的 19 倍，而 ServiceNow 的股票交易價格大約為 23 倍。</p>
</div><p>Dynatrace and ServiceNow are expected to report revenue growth of roughly 16% and 21% for calendar year 2026, respectively, according to FactSet estimates, while the consensus for the IGV is roughly 4%.</p>
<div class="lb-trans"><p>根據 FactSet 的估計，Dynatrace 和 ServiceNow 預計在 2026 日曆年分別實現約 16% 和 21% 的收入增長，而 IGV 的共識預期約為 4%。</p>
</div><p>For growth stocks with higher valuations, Luria's picks included Snowflake (SNOW), Datadog (DDOG) and Shopify (SHOP). For the next calendar year, analysts tracked by FactSet expect revenue growth rates for Snowflake, Datadog and Shopify to be roughly 27%, 20% and 19%, respectively. However, Luria said he expects Datadog to grow revenue 30% this year.</p>
<div class="lb-trans"><p>對於估值較高的成長股，盧里亞的推薦包括 Snowflake（SNOW）、Datadog（DDOG）和 Shopify（SHOP）。根據 FactSet 跟蹤的分析師，預計 Snowflake、Datadog 和 Shopify 在下一個日曆年的收入增長率分別約為 27%、20% 和 19%。然而，盧里亞表示，他預計 Datadog 今年的收入將增長 30%。</p>
</div><p>One reason Luria said there's a positive shift in investor sentiment toward software stocks is that the reactions to earnings reports have improved. At the beginning of this earnings season, he said, investors unloaded shares of software companies that reported &#34;phenomenally good earnings&#34; because they were &#34;so worried about software that it didn't matter what you said.&#34;</p>
<div class="lb-trans"><p>盧里亞表示，投資者對軟件股票的情緒發生積極變化的一個原因是對財報的反應有所改善。他説，在這個財報季初，投資者拋售了那些報告 &#34;極其優秀的財報&#34; 的軟件公司股票，因為他們 &#34;非常擔心軟件，根本不在乎你説了什麼。&#34;</p>
</div><p>More recently, however, shares of companies once considered &#34;AI hazards,&#34; including Salesforce (CRM), RingCentral (RNG) and Nice (NICE), rose despite results that Luria didn't think were particularly strong.</p>
<div class="lb-trans"><p>然而，最近，曾被認為是 &#34;人工智能風險&#34; 的公司股票，包括 Salesforce（CRM）、RingCentral（RNG）和 Nice（NICE），儘管業績並不特別強勁，但仍然上漲。</p>
</div><p>Luria said that even if AI will impact the sector &#34;way down the line,&#34; software is still worth investing in.</p>
<div class="lb-trans"><p>盧里亞表示，即使人工智能將在 &#34;很久以後&#34; 影響該行業，軟件仍然值得投資。</p>
</div><p>See also: Defense-tech stocks are the hot trade as Iran conflict widens</p>
<div class="lb-trans"><p>另見：隨着伊朗衝突加劇，國防科技股票成為熱門交易</p>
</div><p>-Hannah Pedone</p>
<div class="lb-trans"><p>-漢娜·佩多尼</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 獨立於道瓊斯新聞通訊和《華爾街日報》發佈。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>03-10-26 1437ET</p>
<div class="lb-trans"><p>03-10-26 1437ET</p>
</div>

由於軟件行業顯示出復甦的跡象，7 只軟件股票值得買入