ServiceNow price target raised to $525 from $500 at Piper Sandler

Piper Sandler analyst Rob Owens raised the firm’s price target on ServiceNow to $525 from $500 and keeps an Overweight rating on the shares. The company delivered a solid result across nearly all metrics in Q4, beating across the top and bottom lines and providing initial 2023 guidance above Street expectations, the analyst tells investors in a research note. The firm says that despite continued macro challenges, customers are clearly prioritizing spend on the ServiceNow platform as they seek efficiencies in the current environment.