JMP Securities raised the firm’s price target on ServiceNow (NOW) to $1,300 from $1,000 and keeps an Outperform rating on the shares. The firm’s channel checks included ServiceNow’s biggest U.S. federal award ever, a new $198M deal on December 12 with the Department of the Treasury, commentary from a Fortune 250 company that believes its spend will be up over the next 12 months because ServiceNow’s Software Asset Management pro and Hardware Asset Management pro products are the “latest and greatest” offerings on the market, and commentary from a partner that suggests the ServiceNow sales teams may be continuing to meet internal expectations, the analyst tells investors in a research note. The firm continues to view ServiceNow as an excellent opportunity for long-term capital appreciation.
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