ServiceNow (NOW) PT Raised to $500 at Stifel on COVID Driven Digital Transformation

Stifel analyst Tom Roderick raised the price target on ServiceNow (NYSE: NOW) to $500.00 (from $460.00) after assessing the purchasing landscape across various Federal Agencies and finding that the COVID disruption has accelerated digital transformation in the Federal vertical, with agencies like the VA, SSA, and HHS investing millions of dollars into cloud-based software solutions to overhaul core processes.

The analyst reiterated the Buy rating, stating "As government agencies seek improvements in citizen engagement, employee satisfaction and advocacy, risk mitigation, and operational efficiency, cloud-based software vendors have stepped forward to deliver a clear vision and pathway to modernization. Whether it be IT Workflow modernization or Customer/ Employee Workflows, ServiceNow is clearly carrying over its success in the enterprise vertical to the public sector, with numerous 6-figure or more deals signed each quarter".

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