Most analysts praised ServiceNow Inc’s Q4 results. by raising their price targets.
Piper Sandler analyst Rob Owens upgraded ServiceNow to Overweight from Neutral with an unchanged price target of $ 650 (20 percent upside).
The acceleration of subscription charges and the huge strength of the deal have “punctuated 4Q’s solid results” from the company.
The analyst said that with the continuation of digital transformation initiatives and strong IT spending outlook until 2022, ServiceNow is well positioned to “capitalize on significant tailwinds.”
He believes investors should be opportunistic after the recent stock pullback.
Mizuho analyst Gregg Moskowitz raised the company’s price target on ServiceNow to $ 650 from $ 615 and repeated a Buy.
The company reported a strong near-year with Q1 and 2022 guiding better than feared.
Hopefully, the analyst reiterated his expectation of continued high growth over the next few years.
Credit Suisse analyst Phil Winslow lowered the company’s price target on ServiceNow to $ 800 from $ 850 (48 percent upside) and maintained an Outperform.
The analyst said ServiceNow reported “strong” Q4 results — with the main highlight of cRPO growth being 29 percent year-on-year beyond the consensus of 27.4 percent year-on-year.
BMO Capital analyst Keith Bachman raised the price target on ServiceNow to $ 635 from $ 600 (17 percent upside) and repeated an Outperform.
The company had the strongest results in its covered names, alleviating investor concern about slowing spending.
Bachman added that he previously named ServiceNow as one of his “preferred growth names,” and he saw Q4 reinforce that view.
By Anusuya Lahiri
© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.
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