RBC Makes Bold Calls on Tesla, ServiceNow

RBC Capital fired off two high-profile initiations this week. Analyst Tom Narayan started TSLA with a Buy and a $500 price target. Separately, Matthew Hedberg initiated NOW at Buy with a $130 target.

The ServiceNow call stands out. The stock carries a $98 billion market cap. Short interest sits at just 5.4% of free float. That signals bears are not particularly active. Availability is extremely high at over 2,600% of short interest — easy to borrow. Hedberg's $130 target implies significant upside from current levels.

RBC also upgraded PHM (PulteGroup) to Hold from a prior stance, raising the target to $116.

Elsewhere, ROP (Roper Technologies) saw consensus price targets tick upward to $441. The $34 billion industrial software firm continues to attract constructive views.

HON (Honeywell) bucked the trend. Consensus targets slipped to $244.74 from $245.88. The $73 billion conglomerate has faced pressure as analysts digest its ongoing breakup. Short interest is a modest 3.7% of free float.

TEL (TE Connectivity) also saw targets trimmed, with the consensus falling to $250.60 from $253.40.