- Shares of ServiceNow Inc. (NYSE: NOW) received a $ 600 target price from Wells Fargo. Can it reach $ 600?
Shares of ServiceNow Inc. (NYSE: NOW) received a $ 600 target price from Wells Fargo. And Wells Fargo analyst Michael Turrin began coverage on ServiceNow with an “Overweight” rating.
Turrin adjusted the rating while noting that benefiting from several secular trends that are changing businesses around the world – including the rise of automation, cloud infrastructure, edge computing, application modernization, remote work, etc. – the analyst saw that the ServiceNow platforms platform is in a critical place. point in the digital transformation lifecycle, positioned to capitalize on the growing demand for modernization initiatives.
And given the growing slate of market -leading products and increasing enterprise penetration, Turrin sees the company’s $ 10+ billion/$ 15+ billion subs revenue target in 2024/2026 as relatively achievable even in the midst of increasingly uncertain macro backdrop.
Late last month, ServiceNow reported a Q1 EPS of $ 1.73, which is $ 0.03 higher than analyst estimates of $ 1.70. And revenue for the quarter was $ 1.72 billion compared to the consensus estimate of $ 1.7 billion.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own evaluation.