** 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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