ServiceNow price target raised to $650 from $525 at Jefferies

Jefferies analyst Samad Samana raised the firm’s price target on ServiceNow to $650 from $525 and keeps a Buy rating on the shares. The company’s subscription revenue topped consensus expectation while its constant-currency Current Remaining Performance Obligation grew 24%, beating buy-side forecasts as well, the analyst tells investors in a research note. Jefferies adds that ServiceNow shares should grind higher over time, even though the stock may take a “short-term breather” following a 49% year-to-date run-up.