Citi sees little change for software, IT services in Q1
** In a note on European software and IT services, Citi says it expects the Q1 earnings focus to be firmly on end demand, including the potential of recovery and timeline on demand inflection
** Citi anticipates a continuation of trends from late last year with mixed end-markets, prioritisation of spend and low visibility in the near term
** It expects companies in its coverage to reiterate their 2024 outlooks, and turns more selective on the sector
** Citi opens a negative catalyst watch on "neutral"-rated Hexagon HEXAb.ST and Netcompany NETCG.CO, expecting their results to be below consensus and a risk to 2024 expectations
** Capgemini CAPP.PA and SAP SAPG.DE (both "buy") remain Citi's top two picks, but it says the set-up in results is more in balance
** It also maintains "buy" on Nemetschek NEKG.DE, Sage SGE.L and Exclusive Networks EXN.PA, and "neutral" on Dassault DAST.PA and SoftwareOne SWON.S
Reporting by Marta Frąckowiak
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