Citi CIO survey says US budget growth expectations moderating while EMEA improved from the previous survey; IT budgets growth expectations slow to 2.6% in next 12 months from +3.3% in December survey
- SAP and Dassault face higher risk of deal slippages, uncertainty could be a risk for Capgemini’s growth recovery
- Sector not immune to a worsening of macro; 68% of European CIOs say macro conditions have deteriorated
Context
The Citi CIO survey indicates a notable shift in budget growth expectations, particularly with US IT budgets slowing down compared to previous forecasts. This moderation in expectations, coupled with the reported deterioration in macro conditions among European CIOs, suggests potential headwinds for growth in the IT services sector, highlighting a cautious outlook that may affect equities related to these firms.
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