Mizuho recommends Cloudflare, ServiceNow, Atlassian ahead of Q1 earnings despite valuation pressure and market uncertainty.
NTM EV/Sales multiples are about 40% below the three‑year average, making risk‑reward attractive over the next twelve months.
Cloudflare’s recent 13% sell‑off is deemed overdone, ServiceNow trades at ~12x CY27E FCF, Atlassian expects subscription revenue acceleration.