Investor feedback from our launches and recommendation changes last week We published four significant reports last week, including The shovel sellers in the eCommerce gold rush, where we cut numbers across our Global Software coverage for the weakening macro environment, especially in Europe as consumers (and businesses) adapt to rising energy costs, rising rates, and geopolitical uncertainty. We also implemented a new valuation framework, with a greater tilt toward profitability (including stock options). The report also included a deep dive analysis on eCommerce enabling technologies. We initiated coverage of Adobe with an Outperform, and Logitech, Qualtrics, Shopify, Zoom with Neutrals as we still don''t see the fallen Covid angels as cheap enough to buy across the board due to lingering top line risks and still rich valuations. We also initiated on Amazon with an Underperform (see our deep dive: I''m afraid we don''t click) and we published a report focussed on Alphabet''s eCommerce strategy (Using AI to disrupt the eCommerce TAM). We also published the results of our BNPPE 2022 Global Cloud Scanner Survey of more than 100 Software buyers globally (with a tilt toward Europe). As a result of the above, and the re-balancing of recommendations, we downgraded ServiceNOW to Underperform from Outperform, Snowflake to Underperform from Neutral, Workday from Outperform to Neutral, and upgraded Oracle from Underperform to Neutral. We reiterated Alphabet, Microsoft, Salesforce and SAP as key Outperforms. We made cuts to Dassault Systemes'' license estimates, highlighting the EPS risk and high valuation (remain Underperform). Investors struggling to identify what will work in 2022 Investors pushed back the most on ServiceNOW, which we believe highlights just how popular the stock is as it has held up well relative to other SaaS high flyers. We received less pushback than expected on Amazon, other than investors seem to be constructive on a mean...