ServiceNow (NOW) Customer Conversations Provide Mixed Datapoints - BofA Securities

BofA Securities analyst Kash Rangan reiterated a Buy rating and $331.00 price target on ServiceNow (NYSE: NOW) after conversations with large global partners imply relative resilience to the macro headwinds and implying the company is a medium to long term beneficiary.

While the headline appears bullish, the datapoints within the note were mixed with the analyst stating "Several ST negatives that partners highlighted include seeing very little/no new deals over past 2-3 weeks and expect new deals for Q2 to be minimal/non-existent. While existing deals 40-50% down the pipe are continuing, some are on hold and most partners expect flattish growth for 2020. On the other hand, partners are optimistic and do not expect customers to cancel contracts".

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 $277.40 yesterday.

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