ServiceNow price target raised to $648 from $630 at Morgan Stanley

Morgan Stanley raised the firm’s price target on ServiceNow to $648 from $630 and keeps an Overweight rating on the shares. Constant currency cRPO of growth of 24% “well exceeded” expectations and management’s reiteration of its FY24 and FY26 revenue targets suggest that ServiceNow is poised to sustain 20%-plus growth, the analyst tells investors in a post-earnings note.