ServiceNow price target raised to $657 from $518 at Guggenheim

Guggenheim raised the firm’s price target on ServiceNow to $657 from $518 and keeps a Buy rating on the shares based on expectations of higher growth in the out years that will flow to cash flow. ServiceNow should “easily achieve” Q2 Subscription revenue guidance of 23%-23.5% year-over-year growth and “at least guide 3Q23 in line with consensus,” the analyst tells investors in an earnings preview note.