NOW - ServiceNow's Q3 Performance Fuels Optimism: Analysts Lift Price Targets Amid Solid Revenue And Growth Prospects | Benzinga
BMO Capital Markets analyst Keith Bachman reiterated the Outperform rating on ServiceNow, Inc. (NYSE: NOW), raising the price target to $630 from $615.
The company posted Q3 earnings of $2.92 per share, beating the $2.56 estimate. Revenues clocked in at $2.29 billion, beating the estimate of $2.27 billion.
While the analyst harbors concerns about Plus pricing, Bachman acknowledged that results were better than anticipated.
NOW maintained the growth momentum and finished Q3 with solid revs and CRPO, the analyst notes.
Bachman writes that the government sector was impressive, even factoring in seasonality, with 19 fed deals signed over $1M+ net new ACV, including three contracts signed over $10M+ net new ACV, out of total of four contracts signed in Q3 with $10M+ net new ACV.
The strong fed ...