By Senad Karaahmetovic KeyBanc analysts made several rating changes in the broker's research coverage of enterprise software stocks. The firm expects to see a "meaningful slowdown of software spending growth in 2023." As a result, analysts told investors to get more selective as it is still uncertain when reacceleration will take place. "During the last 2 quarters, slowing has spread even to cloud, potentially impacting a range of "cloud enablers" in observability, data, and devops; and to security as well, if less than IT overall and with consolidators benefiting. While software multiples are now at or below pre-COVID 10-year average levels, we expect continued downward 2023E revenue revisions this earnings season, if in many cases offset by upward revisions to margins," they said in a note. Along these lines, the analysts downgraded Datadog (NASDAQ: DDOG ) to Sector Weight from Overweight, citing high multiple and increasing risks.