UBS raised the firm’s price target on ServiceNow to $1,055 from $900 and keeps a Buy rating on the shares ahead of the Q3 print on October 23. Commentary from three ServiceNow partners was better than expected, with two of its largest partners posting material beats to their ServiceNow practice growth targets and one going further and flagging a broader cyclical/seasonal recovery in the demand backdrop beginning this summer, the analyst tells investors in a research note. The firm remains confident with its outlook for at least a 100 basis point current remaining performance obligations beat in Q3.
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