Software Download for Your Weekend Commute

Research evidence excerpt

Software Download for Your Weekend Commute

Application Software

EQUITY RESEARCH Industry Report

June 18, 2026

Companies mentioned

Ticker Price Rating Target Thoughts and Musings from the Week AGYS $87.66 Overweight $140.00

BL $26.80 Neutral $36.00 We had pre-quiet period calls this week with KVYO and DCBO, which

BRZE $20.17 Overweight $38.00 followed several late last week (last week's recap here), in which we

CRM $155.02 Overweight $250.00 continue to hear businesses are increasingly taking a better together

CXM $5.12 Neutral $6.50 strategy around Frontier model offerings for ad hoc and highly customized

DCBO $16.80 Overweight $28.00 workflows along with SaaS AI offerings for automation and efficiency, rather

FRSH $8.98 Overweight $12.00 than one or the other. We think this is an important trend for investors and

HUBS $176.71 Neutral $200.00 one that highlights that valuations and sentiment have swung too far to

KVYO $13.46 Overweight $28.00 the negative compared to where fundamentals stand today. The pace of

PAYC $123.72 Neutral $135.00 AI adoption across large enterprises has been slower than some expected,

PCTY $100.51 Overweight $140.00 which has given time for incumbent SaaS vendors to develop Agentic

PRCH $12.25 Overweight $13.00 solutions that are highly effective and generating real ROI for customers.

QTWO $43.77 Overweight $80.00 We expect this to continue, which should lead to improved results vs. RZLV $2.64 Overweight $8.00

current expectations and multiple expansion over the next few quarters. SPSC $52.84 Neutral $60.00

SPT $6.87 Neutral $8.00 Specifically from our conversation with KVYO, Customer Agent adoption is

TYL $287.71 Neutral $340.00 ramping quickly and expectations are for similar trends around Marketing