2Q26 SaaS Preview – Resilient, But Not Re-Rating

研报英文原文证据摘录

2Q26 SaaS Preview – Resilient, But Not Re-Rating

Idea

July 28, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMSoftware | North America Elizabeth Porter, CFA

Equity Analyst

2Q26 SaaS Preview – Resilient, Elizabeth.E.Porter@morganstanley.comJosh Baer, CFA +1 212 761-3632

Josh.Baer@morganstanley.com +1 212 761-4223

But Not Re-Rating Kathleen A Keyser

Research Associate

Katie.Keyser@morganstanley.com +1 212 761-0518

Channel checks & CIO survey continue to indicate stable Lucas Cerisola

demand, but we expect mgmt teams to maintain a measured ResearchLucas.Cerisola@morganstanley.comAssociate +1 212 761-9194

outlook as AI monetization remains early & macro uncertainty

Software

persists, limiting the catalyst for broader-based upward North America

revisions. Prefer names with flight to safety skew - KVYO & Industry View Attractive

GDDY.

Key Takeaways

Channel checks & CIO survey point to solid fundamentals, though nascent AI

monetization & macro uncertainty likely drive conservatism in outlooks...

…. which mutes broad-based positive revisions in Q2 needed to catalyze a re-

rating in application SaaS

Prefer companies with flight to safety skew in FCF support and undemanding

multiple (GDDY)...

... and reduced buyside expectations and upside optionality in new products

(KVYO).

yWe remain selective on what can work in Q2, anticipating 2H results to serve as the

more material catalyst. Into the prints, we favor stocks with constructive channel

feedback, conservative numbers setups and attractive valuations – we tactically

prefer GoDaddy on durable FCF support, improving webtrends data (see GoDaddy

Inc (GDDY) ) and bookings recovery after Q1 promotional activity; and Klaviyo on

reduced expectations coupled with upside optionality in new products and less seat-

based pricing risk.