ServiceNow (NOW) Sees Price Target Increase by RBC Capital
In the latest move on the Street, RBC Capital has increased its price target on ServiceNow (NOW) to $1,210 per share from $1,045. This revision is based on the firm’s assessment of ServiceNow’s potential to capitalize on the growing demand for generative AI.
Generative AI: A Growing Opportunity for ServiceNow
ServiceNow’s Pro Plus offering, launched in 2023, has been highlighted by RBC Capital as a key factor in the company’s ability to monetize the growing demand for generative AI. Generative AI has been gaining traction in recent years, with applications across various industries, including customer service, marketing, and more.
Why ServiceNow is Well-Positioned to Capitalize on Generative AI
ServiceNow’s Pro Plus offering provides a comprehensive platform for customers to leverage the power of generative AI. With this solution, businesses can create customized chatbots, automate routine tasks, and enhance their overall customer experience.
RBC Capital believes that ServiceNow’s Pro Plus offering has significant potential to drive growth in the company’s revenue streams. The firm notes that ServiceNow’s ability to adapt to evolving market trends and capitalize on emerging technologies will continue to be a key driver of its success.
Chewy (CHWY) Sees Upgrade to Outperform by Wolfe Research
In other news, Wolfe Research has upgraded pet retailer Chewy (CHWY) to Outperform. The firm points to multiple growth drivers that are expected to contribute to the company’s future performance.
Growth Drivers for Chewy (CHWY)
Wolfe Research highlights several key factors that will contribute to Chewy’s growth, including:
- Improving Customer Acquisition: Chewy has been investing heavily in marketing and advertising efforts, which have resulted in significant improvements in customer acquisition.
- Increased Net Sales: The company’s revenue growth has been driven by increased sales of pet food, supplies, and other products.
- New Product Initiatives: Chewy has been expanding its product offerings to include new and innovative items that appeal to pet owners.
- Planned International Expansion: The firm believes that Chewy’s planned expansion into international markets will provide a significant boost to the company’s revenue growth.
Raymond James Raises Rating on Block (SQ) to Outperform
Additionally, Raymond James has raised its rating on payment processing company Block (SQ) to Outperform with a price target of $115. The firm expresses confidence in the company’s growth prospects for 2025, citing several factors that will drive its success.
Key Growth Drivers for Block (SQ)
Raymond James highlights several key growth drivers that will contribute to Block’s future performance, including:
- Increased Adoption of Digital Payments: The firm believes that the growing demand for digital payments will continue to drive adoption of Block’s services.
- Expansion into New Markets: Block has been investing in expanding its services into new markets, which will provide a significant boost to revenue growth.
- Development of Innovative Products: The company is developing innovative products and services that will enhance its offerings and improve customer experience.
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