ServiceNow price target raised to $510 from $500 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on ServiceNow to $510 from $500 and keeps an Outperform rating on the shares after its Q4 earnings beat. The company performed very well in a difficult environment for software results and guidance, the analyst tells investors in a research note, adding what while the constant-currency cRPO metric was a bit disappointing, it was more of a "timing issue". ServiceNow is in a unique position to consolidate customer spend with their unified platform, and it remains a favorite idea for RBC Capital in 2023, the firm adds.