Salesforce (CRM), Snowflake (SNOW), and Oracle (ORCL) are among Mizuho’s top enterprise software stocks for 2026, the firm said in an investment note on Tuesday.
“One year ago, we had noted that ‘as we prepare to enter 2025, we view the risk/ reward in software to be more balanced than 12 months ago, and we’d be surprised to see a similar magnitude of appreciation next year,’” the analysts wrote in a note to clients. “And indeed, following two years of strong software performance, the group came back down to earth in 2025, with the IGV (+5%) materially underperforming both the NASDAQ (+19%) and the S&P (+16%). Looking forward, even though a higher level of unpredictability may create some unusual challenges and a particularly rocky path, we believe that the software sector is likely to return to outperformance in 2026.”
Salesforce
Salesforce is “systematically addressing” all the issues that prevented broader Agentforce adoption, Mizuho analyst Gregg Moskowitz said. “In addition, we believe CRM’s core position as the system of record for front-office sales, marketing, and customer support provides a foundation to further centralize data via Data 360,” Moskowitz wrote in the note. “We reiterate that CY26 should be a much better year for CRM than CY25, and with legitimate potential for organic re-acceleration.” He has an Outperform rating and $360 price target on Salesforce.
Snowflake
Snowflake is benefiting from “healthy consumption activity” and there are secular trends pushing enterprises to modernize their data sets, which should sustain growth, Moskowitz added.
“In addition, SNOW will be able to have greater success by layering incremental contribution from several emerging growth areas, and an increased focus on GTM investment and sales productivity should be additive,” Moskowitz wrote. “Net, with SNOW’s core data warehousing business exhibiting much strength, and its AI and ML features ramping (currently $100M in AI ARR and will be far higher next year), we continue to like SNOW as a best-in-class way to play data modernization.” Moskowitz has an Outperform rating and $285 price target on Snowflake.
Oracle
Oracle has had a rough go of it since September, with the stock down nearly 50%. However, analyst Siti Panigrahi said 2025 a “transformative” year for the company, as it went from “an emerging cloud vendor into a key AI infrastructure player.”
“We see Oracle as a [long-term] AI beneficiary given its end to end stack, including apps, its industry leading database for mission-critical workloads, and OCI for AI training and inference. Investor concerns around OpenAI concentration and data center financing are valid, but overstated: AI capacity remains supply constrained and Oracle’s buildout is fungible across customers. Oracle also plans to maintain an investment grade rating and lean on debt, vendor financing, capital leases, and customer supplied chips to limit its CapEx investments. At current levels, we estimate Oracle’s core business (excluding AI) supports a $250+ valuation, making the risk reward particularly attractive heading into 2026.” Panigrahi has an Outperform rating and $400 price target on Oracle.
Atlassian
Atlassian (TEAM) is likely to benefit from a two-pronged approach, Moskowitz said: next-gen tech and an improving group of cloud-based products. “In addition, the recent Data Center sunsetting will drive stronger acceleration of cloud migration activity,” Moskowitz said. “We also believe that it is far more difficult for AI to disintermediate TEAM than the market currently surmises. Finally, we believe that TEAM continues to have pricing power, both in the cloud and on-premise.” Moskowitz has an Outperform rating and $245 price target on Atlassian.
Intuit
Intuit (INTU) is one of the “highest-quality long-term growth stories in software,” Panigrahi said, thanks to QuickBooks, TurboTax and consistently rising margins and shareholder returns.
“Early but encouraging traction in the mid-market, where QBO Advanced and IES are sustaining ~40% Y/Y growth, supports a multi-year up-market expansion opportunity,” Panigrahi wrote in a note to clients. “Meanwhile, FY25 was a breakout year for TurboTax, particularly in assisted offerings, and FY26 initiatives plus tax-related tailwinds further strengthen the setup. We believe continued execution can drive upside to both growth and margins and reinforce Intuit’s premium multiple.” Panigrahi has an Outperform rating and $875 price target on Intuit.
Autodesk
Autodesk (ADSK) has largely completed its transaction-model, which should position it for “sustainable growth re-acceleration into the low double digits to low teens and margin expansion,” Panigrahi said.
“More direct sales should drive growth and margins via cross-sell, revenue synergies, and cost efficiencies,” Panigrahi wrote. “Construction spending is improving, with potential rate cuts a tailwind. Management tone is more constructive as the new CFO, nearly a year in, sees stable customer spending. Autodesk’s mission-critical, oligopolistic AEC/manufacturing footprint supports durability. A connected cloud and data platform enables monetization of GenAI-driven design and automation. FY26 FCF should rebuild, while valuation remains ~30% below peers.” Panigrahi has an Outperform rating and $375 price target on Autodesk.