** Laying out its 2025 outlook on European software and services names, Morgan Stanley says that similarly to last year economic backdrop is uncertain while IT spending remains subdued
** In such set-up, it says it continues to back strong idiosyncratic stories this year, preferring powerful company-specific growth drivers, but adds investors should consider adding some cyclicality
** Its five key ideas for 2025 are "overweight"-rated SAP SAPG.DE with its earnings growth visibility to 2028, structural payments sector winner Adyen ADYEN.AS
** It also flags Dassault Systemes DAST.PA as its growth and margins should inflect this year, Publicis PUBP.PA, which it keeps as its top pick in media, and IONOS Group IOSn.DE, noting its strong franchise in web presence and cloud solutions
Rating changes:
COMPANY | NEW RATING | OLD RATING | NEW PT | OLD PT |
|---|---|---|---|---|
Compugroup Medical COP0v.DE | equal-weight | overweight | EUR 22.0 | EUR 25.00 |
Informa INF.L | overweight | equal-weight | 1,000p | 900p |
Nexi NEXII.MI | under-weight | equal-weight | EUR 4.75 | EUR 7.15 |
Sinch SINCH.ST | equal-weight | under-weight | SEK 20.50 | SEK 23.50 |
Trustpilot TRST.L | equal-weight | overweight | 305p | 220p |
Wise WISE.ST | equal-weight | overweight | 1,185p | 1,045p |
Worldline WLN.PA | equal-weight | under-weight | EUR 8.00 | EUR 7.00 |
(Reporting by Vera Dvorakova)
((vera.dvorakova@thomsonreuters.com))
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