KeyBanc’s capital markets research team believes that software stocks may be in a strong position for upside moves after Donald Trump secured the U.S. presidency in the latest election.

The financial institution outlined that if the new administration has a pro-growth and deregulation agenda, which is what is expected, then it may provide for increased investments in technology and software companies that have a more optimistic outlook for their businesses.

“With Donald Trump as president, we see a likely backdrop of lower corporate taxes, which would be broadly positive for high-tax-paying companies within our coverage,” KeyBanc said.

“Additionally, we would be watchful for potential tariffs and whether that pertains to China solely or extends globally. Broadly speaking, we view the post-election outlook as neutral-to-positive for our broader software coverage.”

As a result, the bank highlighted the following 14 software names that it is watching closely:

• Autodesk (ADSK)
• Aspen Technology (AZPN)
• Bentley Systems (BSY)
• Cadence Design Systems (CDNS)
• Dayforce (DAY)
• Big Tree Cloud Holdings (DSY)
• First Industrial Realty Trust (FR)
• Paycom Software (PAYC)
• Paylocity Holding Corporation (PCTY)
• PTC Inc. (PTC)
• Synopsys (SNPS)
• Atlassian Corporation (TEAM)
• Trimble Inc. (TRMB)
• Workday (WDAY)

Year-to-date price action: ADSK +24%, AZPN +11.4%, BSY -2.1%, CDNS +11.1%, DAY +20.5%, DSY -67%, FR +0.5%, PAYC +10.6%, PCTY +27.8%, PTC +9.8%, SNPS +9.9%, TEAM -2.6%, TRMB +34.1%, and WDAY -7.8%.