ServiceNow price target raised to $500 from $450 at Oppenheimer

Oppenheimer analyst Ray McDonough raised the firm’s price target on ServiceNow to $500 from $450 and keeps an Outperform rating on the shares. ServiceNow delivered a strong finish to its 2022 fiscal year and offered guidance for both revenue and operating margin that were above the firm’s expectations. While there were some pockets of softness, the upbeat guidance and demand commentary help illustrate the intense sales organization focus, durable back office growth, and free cash flow generation from the business, and why ServiceNow is a top 2023 pick and safe haven for investors in a weakening macro environment, Oppenheimer argues.