ServiceNow price target raised to $700 from $600 at BofA

BofA raised the firm’s price target on ServiceNow to $700 from $600 and keeps a Buy rating on the shares, which it continues to identify as a top pick. The firm’s calls with nearly a dozen partners suggested healthy Q2 deal activity, with “perhaps a modest uptick from last quarter,” the analyst tells investors. The firm, which expects Q2 cRPO growth of 24% year-over-year, believes that ServiceNow is positioned to capture share of three “large market opportunities,” namely ITSM, ITOM and custom apps.