Shares of digital workflow company ServiceNow (NYSE:NOW) are moving upward today after Stifel Nicolaus analyst Brad Reback upped the price target on the stock to $600 from $525 while maintaining a Buy rating.
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The analyst noted that quarter-end checks point to a “Strong Q2 finish.” Further, a buoyant pipeline and robust deal momentum are anticipated to help ServiceNow deliver a more than 20% jump in its topline alongside expanding margins for the quarter.
Additionally, ServiceNow is slated to post second-quarter numbers on July 26. Wall Street expects the company to post an EPS of $2.05 for the quarter. In the comparable year-ago period, ServiceNow had delivered an EPS of $1.62, comfortably outpacing expectations by $0.05.
Overall, the Street has a $551.33 consensus price target on NOW alongside a Strong Buy consensus rating. Shares of the company have surged nearly 48% over the past six months.
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