Current service (just now)-Get report Morgan Stanley analyst Keith Weiss upgraded the stock’s rating from “flat” to “overweight.”
According to Bloomberg News, Weiss raised its target stock price from $559 to $652, which is the highest estimate on Wall Street. ServiceNow’s stock price has recently risen by 2.96% to $518.27 and has soared 83% so far this year.
Weiss wrote in the comment: “After Covid, the top priority of workflow automation can now enable NOW to maintain more than 25% revenue growth,” and sustainable free cash flow growth of more than 30%. He said that the FCF ratio by 2023 “should prove that the current valuation is still attractive.”
Weiss said that ServiceNow’s bill growth “has been much better than its peers throughout the downturn.” He said that by 2021, the new bill growth should match the demand.
Morningstar analyst Dan Romanoff (Dan Romanoff) gave the company a good prognosis after releasing its earnings report last month. He wrote: “Sales execution remains a bright spot, especially in the face of the ongoing pandemic and the new virtual sales reality.”
Romanoff wrote: “We believe that because the corporate IT infrastructure is often exposed to the current remote working environment, the digital transformation is moving forward.” Romanoff wrote: “We believe the results will continue to support us around the company land And expansion strategy perspectives.”
The analyst wrote that ServiceNow “will continue to leverage its strength in workflow automation to penetrate more deeply into existing customers in IT and use HR and customer service-specific products to penetrate more widely Existing customers. We maintain a tolerant attitude, and after filtering the results and guidance through the model, we raised the fair value estimate from $420 to $440.”
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