JMP Securities raised the firm’s price target on ServiceNow to $1,000 from $850 and keeps an Outperform rating on the shares. The firm’s channel checks noted some “very nice” awards in the U.S. federal business in Q3, with five deals over $10M and with ServiceNow receiving its biggest award ever, a $109M deal on August 28 with the Department of Veterans Affairs, which is a renewal upsized from $80M in 3Q23, the analyst tells investors in a research note. The firm continues to view ServiceNow as an opportunity for long-term capital appreciation.
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