Stifel analyst Brad Reback raised the firm’s price target on ServiceNow (NOW) to $525 from $495 and keeps a Buy rating on the shares. ServiceNow "posted a strong quarter," consistent with Microsoft’s (MSFT) "healthy print," the analyst tells investors. Shares traded "marginally off" in after-hours as management, "conservatively and consistent with past years," limited the Q1 subscription upside flow-through to the remainder of the 2023 guidance, but the firm would be buyers on the weakness because it continues to view ServiceNow as "a core software holding" that remains well positioned to gain meaningful share in coming years.
Published first on TheFly
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Read More on NOW:
- ServiceNow price target raised to $525 from $500 at Jefferies
- ServiceNow price target raised to $530 from $520 at TD Cowen
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- Solid Subscriptions Aided ServiceNow’s (NYSE:NOW) Q1 Results
- ServiceNow reports Q1 adjusted EPS $2.37, consensus $2.04
