In a report released today, Samad Samana from Jefferies maintained a Buy rating on ServiceNow (NOW – Research Report), with a price target of $900.00.
Samad Samana has given his Buy rating due to a combination of factors related to ServiceNow’s performance and future prospects. In his analysis, Samana points out that ServiceNow surpassed consensus expectations regarding constant currency subscription revenue and constant currency remaining performance obligations. Moreover, while their guidance for the second quarter and the full-year 2024 subscription revenue aligned with consensus expectations, there was a slight increase in the full-year subscription revenue forecast. This indicates a robust fundamental performance that, although not necessarily strong enough to independently propel the stock upward, demonstrates steady growth and reliability.
Additionally, Samana finds promise in the company’s advancements in GenAI technology, expecting that ServiceNow’s Analyst Day may reveal more significant insights into GenAI’s adoption. His optimism suggests that these forthcoming disclosures could provide a positive catalyst for the company’s stock. The anticipation of more detailed information regarding GenAI’s integration and impact on ServiceNow’s offerings has the potential to increase investor confidence and, subsequently, the stock’s value. Therefore, Samana’s Buy rating encapsulates the solid financial results and the potential strategic developments expected in the near future.
Samana covers the Technology sector, focusing on stocks such as HubSpot, ServiceNow, and CCC Intelligent Solutions Holdings. According to TipRanks, Samana has an average return of 4.6% and a 48.51% success rate on recommended stocks.
In another report released today, Bernstein also maintained a Buy rating on the stock with a $846.00 price target.
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ServiceNow (NOW) Company Description:
Founded in 2004 and based in California, ServiceNow, Inc. is a software company which provides enterprise cloud computing solutions to help companies manage digital workflows for enterprise operations. The company offers its solutions to various sectors including healthcare, education, oil and gas, telecommunications, government, consumer products, technology, IT and financial services.
