Argus raised the firm’s price target on ServiceNow to $675 from $650 and keeps a Buy rating on the shares after its Q3 earnings beat. The company has been differentiating itself by investing in R&D and refraining from layoffs, while many peers have pulled back on investment and reduced headcount amid challenging economic conditions, the analyst tells investors in a research note. ServiceNow also sees generative AI as an accelerator for its business, increasing its total available market and boosting average selling prices, the firm added.
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