Following a challenging set of Q1 results with broadening investor concerns of slowing deals and declining budget priority across back office software, Citi is taking a renewed look at potential factors into the second half of 2024, Citi tells investors in a research note. The firm says its recent CIO survey suggests a stable U.S. budget environment, but with some de-prioritization of back office software from artificial intelligence. As such, Citi is more selective on stocks “despite a more compelling risk/reward.” The firm’s new top picks are Intapp (INTA), Pegasystems (PEGA) and Intuit (INTU). Citi’s least preferred names in the group are BlackLine (BL), Dropbox (DBX) and Vertex (VERX).
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