Microsoft, Salesforce Create Wells Fargo Software Stock List

Software stocks are on a tear, with the S&P Software & Services Select Industry Index up 25% since June 16. But don’t get too excited, Wells Fargo analysts say.

The first half of the earnings season in the second quarter “provided some preliminary signs of relief” for the sector, as the results beat negative expectations, they wrote in a commentary.

While the rise in software stocks is “encouraging, we view it as a function of valuation falling too far, too fast rather than the underlying improving business environment,” analysts said.

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