ServiceNow upgraded to Outperform from Neutral at Baird

Baird analyst Rob Oliver upgraded ServiceNow to Outperform from Neutral with a price target of $548, up from $475. The analyst cites end-market "resiliency," the company’s "durable" growth trends and "reasonable" valuation for the upgrade. ServiceNow’s 2023 guidance "prudently factors in" the current macro environment while the company’s deals as less discretionary in nature, the analyst tells investors in a research note. The firm believes U.S. federal, and global government, remain a "huge multi-year opportunity and innovation engine" for the company. It views the stock’s risk/reward as favorable and sees ongoing fundamental strength driving multiple expansion.