MS 4.9-star analyst: “Expectations for software spending growth in 2022 remain ahead of historical levels, refuting the notion of a pull forward in demand in CY21. CIOs expect software spending growth of +5.0% in 2022, compared to the 10-year avg of +4.5% before 2020 & +4.9% average in CY17-CY19. The 2nd flash for CIO’s 2022 spending growth expectations remains inline with 2021 spending growth at +5.0%, suggesting CIOs foresee current spending levels sustaining. Secular growth trends underpinned by software remain top of mind for CIOs, with cloud computing, security software and digital transformation remaining in the top 3 of the priority list. With EV/CY23 multiples contracting -26% on avg across the software space since the peak in Nov, and survey data suggesting a robust backdrop for software demand in 2022, we see opportunities in our coverage among marquee franchises offering resilient business models poised to benefit from secular tailwinds." $MSFT $CRM $NOW $PANW $OKTA