Piper Jaffray Starts ServiceNow (NOW) at Neutral

Piper Jaffray initiates coverage on ServiceNow (NYSE: NOW) with a Neutral rating and a price target of $69.00.

Analyst Katherine Egbert said, "ServiceNow is bringing automation to manual corporate processes, creating a market as it grows. The company has seen accelerated growth in billings every quarter this year, so tough comps abound. We are initiating with a Neutral due to valuation."

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

Shares of ServiceNow closed at $61.35 yesterday.

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