Argus raised the firm’s price target on ServiceNow to $910 from $770 and keeps a Buy rating on the shares, citing the company’s better than expected results reported last month. ServiceNow has differentiated itself in 2023 by investing in R&D and refraining from layoffs, while many peers pulled back on investment and reduced headcount amid challenging economic conditions, but those investments paid off in Q4 and may continue to do so in 2024 as the company launched its new generative AI application in September 2023 and continues to expand its AI capabilities, the analyst tells investors in a research note.
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