Digital workflow company ServiceNow (NOW) has teamed up with its longstanding partner Infosys (INFY), the Indian multinational information technology company, to provide enterprise-level service management (ESM) for manufacturing customers, helping them with their digital transformation.
Shares of ServiceNow, with a current market capitalization of around $130 billion have gained nearly 39% over the past year. (See ServiceNow stock charts on TipRanks)
The combination of ServiceNow Operations Technology Management (OTM) with Infosys Cobalt cloud blueprints will enable the digitization of factories, floors, and plant operations for the energy and retail sectors, as well as other manufacturing industries.
Binoy Gosalia, Global Head of Industry Partnerships at ServiceNow commented, “Speed and agility are critical for maintaining OT security. Infosys Cobalt’s Enterprise Service Management Café accelerates its manufacturing clients’ ServiceNow journey with an AI-powered plug-and-play deployment solution. We look forward to our continued collaboration enabling manufacturers to navigate and succeed in today’s rapidly changing environment.”
Barclays analyst Raimo Lenschow recently increased the price target on ServiceNow from $667 to $784 (19.8% upside potential) and reiterated a Buy rating on the stock.
Lenschow said in the coming months, investors will make 2023 their base year for valuations. With respect to software, he added, “with its high growth rates, this move is important as valuation levels often see a meaningful step down.”
Overall, the stock has a Strong Buy consensus based on 18 Buys and 2 Holds. The average ServiceNow price target of $667.21 implies a 2% upside potential.
According to TipRanks’ Smart Score rating system, ServiceNow scores a “Perfect 10,” suggesting that the stock is likely to outperform market averages.
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