Most analysts are commended ServiceNow Inc. NOW Q4 results by increasing their price targets.
- Piper Sandler Analyst Rob Owens upgraded ServiceNow to Overweight from Neutral with an unchanged price target of $ 650 (20% upside).
- The acceleration of subscription charges and the huge strength of the deal “punctuated a solid 4Q result” 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% upside) and maintained an Outperform.
- The analyst said ServiceNow reported “strong” Q4 results — with the main highlight of cRPO growth being 29% year-over-year beyond the consensus of 27.4% year-over-year.
- BMO Capital Analyst Keith Bachman raised the price target on ServiceNow to $ 635 from $ 600 (17% upside) and repeated an Outperform.
- The company had the strongest results among 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.
- Price Action: NOW shares traded 11.78% higher at $ 541.49 in the last check Thursday.
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