Macquarie expects software stock fundamentals to remain “generally positive in 2025,” although “potentially accompanied by bouts of volatility.” The firm expects positive sentiment to persist, supported by improved revenue trends and optimism on agentic artificial intelligence. Macquarie names GitLab (GTLB) as its top 2025 pick with an Outperform rating and $90 price target. The company is the furthest ahead in capitalizing on agentic AI with its Duo offering for accelerating code delivery, the analyst tells investors in a research note. Macquarie also has Outperform ratings on Autodesk (ADSK) and Datadog (DDOG) (DOOG), along with Neutral ratings on Salesforce (CRM), MongoDB (MDB), and Atlassian (TEAM).
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