BTIG Continues to be Buyers of ServiceNow (NOW) Following Q1 Report; Boosts PT to $85

BTIG affirms its Buy rating on ServiceNow, Inc. (NYSE: NOW) and lifts its price target from $80 up to $85 following Q1 results issued Wednesday night.

Analyst Joel Fishbein commented, Strong results across the board suggest that the company continues to see success both in core ITSM and as a broader enterprise service tool. After enjoying most of its public life as a beat-and-raise stock, 2015 was somewhat messy; strong growth and good KPIs supportive of the bull thesis were overshadowed throughout the year by minor miscues -- a forecasting error, currency adjustments, and inconsistent billings reporting.

However, 1Q was clean, with strong billings growth, healthy upsells, and metrics showing growing contribution from non-IT services. Law of large numbers is still looming on the horizon but ServiceNow is on the path of being one of a few elite category-leading enterprise SaaS companies. We continue to be buyers of NOW.

For an analyst ratings summary and ratings history on ServiceNow click here. For more ratings news on ServiceNow click here.

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