Software Download for Your Weekend Commute

Research evidence excerpt

Software Download for Your Weekend Commute

Application Software

EQUITY RESEARCH Industry Report

June 26, 2026

Companies mentioned

Ticker Price Rating Target Thoughts and Musings from the Week AGYS $97.51 Overweight $140.00

BL $26.50 Neutral $36.00 Following the long holiday weekend, the software world was relatively

BRZE $19.57 Overweight $38.00 quiet as most of the market was focused on the AI Infrastructure trends

CRM $150.19 Overweight $250.00 with MU earnings (OW, Covered by CJ Muse) and investor events for AMAT

CXM $4.91 Neutral $6.50 (OW, Covered by CJ Muse) and QCOM (N, Covered by CJ Muse).

DCBO $16.87 Overweight $28.00

Key headlines from the week were around new product announcements, FRSH $9.17 Overweight $12.00

HUBS $170.28 Neutral $200.00 especially around pre-built agents from Salesforce and others. This was

KVYO $14.03 Overweight $28.00 coupled with ongoing reports of businesses taking a closer look at token

PAYC $124.48 Neutral $135.00 usage across many industries and sizes of companies. The common thread

PCTY $100.48 Overweight $140.00 seems to be a realization that AI usage is not free, building bespoke

PRCH $12.93 Overweight $13.00 software for everyday workflows is generating little to no ROI for most

QTWO $44.04 Overweight $80.00 enterprises, and SaaS might just survive going forward if AI features are

RZLV $2.52 Overweight $8.00 delivered at reasonable pricing and greater visibility than DIY. To this end,

SPSC $55.71 Neutral $60.00 we think companies with strong data layers serving as Systems of Record

SPT $6.56 Neutral $8.00 (SoR) and Agentic products ready to deploy will see better growth in the

TYL $281.09 Neutral $340.00 coming year or two than investors are currently underwriting. We prefer