BUZZ-Raymond James initiates coverage on ServiceNow with 'outperform', shares up

** Shares of digital workflow company ServiceNow NOW.N up as much as 1.4% at $1103.66

** Brokerage Raymond James initiates coverage on stock with "outperform" rating and PT of $1200

** Rating attempts to balance positive long-term view on the company with acknowledgment of "challenging" near-term valuation - brokerage

** Raymond James says company's unique growth at "rare scale" drives popular concern regarding durability

** Brokerage also sees AI as kicking off a sizable opportunity for growth durability; says the company has a substantial GenAI monetization opportunity ranging from the low hundreds of millions to multiple billions

** Thirty-six of 43 brokerages rate the stock "buy" or higher, six "hold" and one "strong sell"; with a median PT of $1075, according to data compiled by LSEG

** Including session moves, stock has risen ~56% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))