2Q Apps Software Preview: Reacceleration needed for re-rate

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2Q Apps Software Preview: Reacceleration needed for re-rate

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Applications Software

2Q Apps Software Preview: Reacceleration

needed for re-rate

Price Objective Change

Sector thoughts: Cautious on apps, with some exceptions 22 July 2026

We are cautious on applications software heading into earnings season, as results are Equity

unlikely to materially alter the broader AI disruption narrative. Investor focus remains Americas

firmly on growth reacceleration rather than margin expansion, with increasing Applications Software

skepticism toward vendors that cannot demonstrate a clear path to monetizing Matt Bullock

emerging AI opportunities. While 2Q results may help identify companies with the Research Analyst

strongest acceleration potential, we believe it is still too early for most vendors in the BofAS+1 646 556 2903

cycle to expect a meaningful inflection. Customer readiness remains uneven, AI products matthew.bullock2@bofa.com

continue to be heavily discounted to drive experimentation, and uncertainty around Tomer Zilberman

Research Analyst

consumption-based pricing is limiting adoption. BofAS

+1 646 855 3203

tomer.zilberman@bofa.comApps we are bullish on into 2Q: IOT, GLBE, BOX, and ZETA

While it remains challenging to build conviction across the group, investors are

beginning to distinguish between likely AI leaders and laggards. We expect strong results

from apps vendors like Samsara, Global-e, Box, and Zeta Global – driven by durable Exhibit 1: We are changing POs for GTM,

BOX, and GLBEcompetitive positioning, structural growth tailwinds, and strong demand for both core

Summary of PO changesand new product offerings. For Samsara, our checks point to improving competitive

positioning and meaningful upside potential from new products.