ServiceNow shares rise after Morgan Stanley upgrades

The current ServiceNow Inc. stock,
+ 3.48%
After Morgan Stanley analyst Keith Weiss upgraded the stock from “Neutral” to “Overweight”, the stock rose by more than 3% in early trading on Thursday. He predicts that after the COVID19 crisis, “workflow automation” will become a top priority, enabling ServiceNow to maintain revenue growth of more than 25%. “The strategic nature of ServiceNow’s Workflow Automation platform has taken a central position in CY20, because throughout the economic downturn, bill growth continued to outperform its peers, only from 34% growth in CY19 to 27%, and we expect new bills The growth will accelerate in 2009. The demand environment for CY21 is better.” He also believes that by 2023, free cash flow will have the potential for a “persistent” growth of more than 30%. With the upgrade, he raised his price target from $559 to $652. Since this year, ServiceNow’s stock has become 85% of S&P 500 SPX,
-0.13%
It has risen by 10%.