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1、EquityResearch17July2017U.S.SoftwareINDUSTRYUPDATETheQ2EarningsGuideU.S.SoftwarePositiveQ2andOutlookAppearsBetter:WhileinvestorshavebecomeconcernedPOSITIVEaboutoverheatedsoftwarevaluations(resultinginatechsell-offinJune),ourVARUnchangedsurveysuggeststhatendmarketdemandforQ2andexpectatio
2、nsforQ3remainhealthyonbothamacroandcompanylevel.WealsothinkthepositiveearningsfromForafulllistofourratings,pricetargetandearningschangesinthisreport,pleaseseeRHTandORCLcouldimplyafavorableread-throughfornamesleveragedtoacloudtableonpage2.transition(MSFT,DATA,APPN).VARSurveyResults:There
3、sultsforourVARsurvey(publishedseparatelytoday)showU.S.SoftwarethatQ2ITspendingwasbetterthanpreviousquarters;theMicrosoftandCitrixVARRaimoLenschow,CFA+12125262712feedbackwasfairlypositive.Theoutlookalsosawanuptickcomparedtothelastraimo.lenschow@barclays.comsurvey,whichsuggeststhatthereis
4、optimismaroundfutureITspending.Inoursurvey,BCI,USweaskedcompany-specificquestionsforMicrosoft,Citrix,andSymantec.SaketKalia,CFAHighConvictiononMicrosoft,LogMeIn,andServiceNowtoOutperform+12125268465Expectations:PositiveendmarketcolorandourVARsurveyforMicrosoftgivessaket.kalia@barclays.c
5、omconfidencethatthecompanycanoutperformvs.expectations.WealsohaveahighBCI,USconvictiononLOGMasthisisthecompany’sfirstuninterruptedquarterasacombinedMohitGogiaentity,whichcouldmeanroomforadditionalsynergies.ForNOW,managementwas+12125261053conservativeinitsbillingsguidance,butthisisindica
6、tiveofabeatratherthanmohit.gogia@barclays.comunderlyingweakness.Long-termtrendsarealsopositiveastherecentCEOchangeisBCI,USlikelyopeninguprelationshipswithlargeraccounts.PreeGadeyRisksGoingintotheQuarterwithTDC:WhileweareencouragedwithTeradata’s+12125263156executionaroundtransitioningtoa
7、ratablebusinessmodel,structuralheadwindsinthepree.gadey@barclays.comenterprisedatawarehousemarketwilllikelylimitupside.Q1washelpedbyonelargeBCI,UScustomershiftingtosubscription,butthiscouldbeanegativeheadingintoQ2aslargeHadleyTamburocustomerscouldcreativevolatility.+12125268682
