BUZZ-AI narrative taking shape for US app software firms in 2025, Raymond James says

Reuters01-03

BUZZ-AI narrative taking shape for US app software firms in 2025, Raymond James says

** Raymond James says AI narrative is taking shape for U.S. application software firms, but will not 'materially' change earnings growth

** Brokerage says while AI has dominated tech narrative over last 18-24 months, impact on app software firms has been more questions than answers

** Notes narrative changed in 2024, with front-end software vendors such as Salesforce CRM.N, HubSpot HUBS.N, ZoomInfo ZI.O, Freshworks FRSH.O and Intapp INTA.O launching monetizable GenAI products

** Brokerage upgrades WK to "outperform" from "market perform", citing strong Q3 2024 bookings as driver for subscription revenue growth

** Raymond downgrades INTA and VERX to "market perform"

from "outperform" and RNG to "outperform" from "strong buy", citing valuation

** Shares of application software RingCentral RNG.N, Vertex VERX.O and Workiva WK.N down between 0.28% and 0.58%; Intapp INTA.O up 0.84%

** Shares of INTA, RNG, VERX and WK rose 68.57%, 3.12%, 98.03% and 7.85%, respectively, in 2024

(Reporting by Akriti Shah in Bengaluru)

((akriti.shah@thomsonreuters.com))

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