NOW - 1 Wall Street Firm Thinks ServiceNow Stock Is Going to $885. Is It a Buy?
2024-05-09 06:05:00 ET
Workplace software specialist ServiceNow (NYSE: NOW) is riding a strong tailwind of companies looking to digitize employee workflow. The stock is up 65% over the past year, but at recent prices it's 11% off its 52-week high of $815. This is a great buying opportunity, according to analysts at Baird.
The analysts came away from the company's recent analyst day with more confidence in its ability to capture a sizable addressable market. The firm reiterated an outperform (buy) rating on the shares and raised the price target from $870 to $885, implying a new high for the stock within the next year or so.
ServiceNow reported a solid start to the year. In the first quarter, subscription revenue grew 25% year over year to $2.5 billion. CEO Bill McDermott credited the company's advantage in being first to market in digital workflows and investment to add more capabilities to its Now platform, including the Now Assist feature powered by artificial intelligence .
For further details see:
1 Wall Street Firm Thinks ServiceNow Stock Is Going to $885. Is It a Buy?