Stephens Inc. enters 2026 with a constructive view on parts of the technology sector, naming enterprise application vendors, identity-focused cybersecurity firms and financial-technology infrastructure providers as the most likely beneficiaries of faster AI uptake and a rebound in corporate IT spending. After a period of consolidation in the space, Stephens highlights companies with strong balance sheets, subscription-driven revenue streams and defensible market positions as the most attractive candidates to capture renewed demand.
Below are the three companies Stephens identifies as top opportunities, along with the growth drivers and structural advantages the firm cites.
Klaviyo, Inc. - Application & Enterprise Software
Stephens notes Klaviyo as among the fastest-growing platforms in data-driven marketing automation, providing tools targeted at e-commerce operators seeking to personalize customer interactions. The firm points to Klaviyo’s emphasis on AI-enabled segmentation combined with simplified onboarding as central to rapid uptake among small and medium-sized businesses and mid-market retailers.
The research highlights a shift in marketing budgets toward channels that can demonstrate measurable return on investment, which supports continued adoption of Klaviyo’s platform. Stephens expects the company to sustain annualized revenue growth in excess of 20%, driven by increasing partner ecosystem penetration. The report underscores Klaviyo’s predictable subscription revenue and improving operating leverage as a foundation for margin expansion into 2026.
SailPoint, Inc. - Cybersecurity & Infrastructure Software
SailPoint is presented as a leader in identity governance at a time when identity controls are central to defending distributed enterprise environments. Stephens emphasizes the combined effect of heightened regulatory requirements, accelerated cloud migration and the growing number of human and non-human identities as factors that increase demand for automated access-management solutions.
The firm points to SailPoint’s transition to a cloud-native, subscription-first architecture as improving revenue visibility and enabling expanded wallet share within Global 2000 customers. Stephens also notes that cybersecurity budgets have remained resilient across mixed macro environments, positioning SailPoint to capture outsized gains during the ongoing identity-security modernization cycle.
Fidelity National Information Services (FIS) - Financial Technology
Stephens characterizes FIS as entering a meaningful expansion phase amid rising demand for digital payments infrastructure, core banking modernization and real-time transaction processing. The company is described as having stabilized after prior restructuring efforts and as now benefiting from streamlined operations and renewed investments in next-generation payment rails.
As global transaction volumes increase and financial institutions allocate spending to automation and modernization, Stephens argues FIS’s scale and established client relationships provide a durable competitive advantage. The firm cites improving margins, robust free-cash-flow generation and growing fintech partnerships as the elements that create a balanced risk-reward profile for the company.
Collectively, the three names reflect Stephens’ preference for firms with recurring revenue, scalable models and clear end-market tailwinds tied to AI adoption and corporate IT investment. The research underscores that market leaders with strong financial positions and durable competitive moats are best placed to benefit from renewed technology demand.