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1、Completed12Dec201712:17AMESTDisseminated12Dec201712:42AMESTNorthAmericaEquityResearch12December2017SoftwareTechnologyRatingChanges:ModeratingBullishOutlookfor2018Inconjunctionwithour2018annualOutlook,wearemakingmanyratingSoftwareTechnologychangestorebalanceourcoverageinligh
2、toftheexceptionalperformanceACSterlingAuty,CFAinsoftwareduring2017.Inourview,thatperformanceisunlikelyto(1-212)622-6389repeatin2018.Inparticular,anumberofcompaniessignificantlysterling.auty@jpmorgan.comoutperformedtheS&P500andnowstandwithin15%ofourpricetargets,BloombergJPMA
3、AUTYalevelofimpliedperformancemoreconsistentwithourexpectationforJ.P.MorganSecuritiesLLCtheperformanceofouroverallSoftwareTechnologyuniversein2018.TheJacksonEAder,CFA(1-212)622-4863tableonthefollowingpagesummarizesthechangeswearemaking.jackson.e.ader@jpmorgan.comJ.P.Mor
4、ganSecuritiesLLCUgamKamat(1-212)622-6102ugam.kamat@jpmorgan.comJ.P.MorganIndiaPrivateLimitedEquityRatingsandPriceTargetsMktCapRatingPriceTargetCompanyTicker($mn)Price($)CurPrevCurPrevAdobeSystemsADBEUS87,590.87174.31NOW185.00n/cBarracudaNetworksCUDAUS1,546.2627.61NOW27.5535
5、.00CheckPointSoftwareCHKPUS17,638.44105.85NOW121.00n/cCoStarGroupCSGPUS10,660.12290.50UWOW325.00300.00Fortinet,IncFTNTUS7,869.8142.22NOW50.0053.00GoDaddyIncGDDYUS8,385.1448.95NOW54.00n/cImpervaIMPVUS1,508.4841.85UWN45.0054.00MimecastMIMEUS1,738.1528.02NOW35.0039.00ModelNMOD
6、NUS509.6516.00NOW18.00n/cMonotypeImagingTYPEUS1,018.3224.40UWN24.00n/cNewRelicNEWRUS3,491.6560.00NOW62.00n/cPTCIncPTCUS7,297.6861.44NOW68.00n/cQualysQLYSUS2,365.9059.00NOW65.0070.00Q2HoldingsInc.QTWOUS1,821.6440.35NOW50.00n/cRingCentralRNGUS3,980.6147.55NOW52.00n/cServiceNo
7、wNOWUS22,991.79123.09NOW138.00n/cSS&CTechnologiesSSNCUS8,349.7441.38NOW49.00n/cSynopsysIncSNPSUS13,963.4489.56UWN87.00n/cWeb.comWEBUS1,231.9623.00NOW28.00n/cSource:Companydata,Bloomberg,J.P.Morganestimates.n/c=nochange.Allpricesasof11Dec17.Seepage63foranalystcertificationan
8、dimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodo
