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This could be the toughest year for enterprise software companies in a long time, Deutsche Bank analyst Brad Zelnick said, cutting his ratings on a slew of stocks.

“We expect 2023 to be another volatile year for software stocks with investors seeking confirmation of a bottom as fundamentals likely deteriorate further,” Zelnick wrote in a research note on Monday. “This is the most difficult outlook piece we’ve written in our combined decades covering the sector. With the weightiness of macro factors, more dimensions to the analysis and a wider range of outcomes, we struggle to have conviction near-term, though ironically, we couldn’t be more resolute in our thinking about the long term.”


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