ServiceNow (NOW) PT Raised to $1,045 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the price target on ServiceNow (NYSE: NOW) to $1,045.00 (from $985.00) while maintaining a Outperform rating.

The analyst comments "Against a high bar, Q3/24 demonstrated nice upside while CY/24 subscription revenue guidance moved higher by more than the beat. Execution remains impressive, and we think there were a number of positives from the quarter led by increasing platform strength, robust Pro Plus/Now Assist adoption, the introduction of Workflow Data Fabric, and a building pipeline into year-end. We think the tailwinds around GenAI monetization likely increases into CY/25. We remain buyers of NOW as a top idea as we believe the company could see a stronger-than-expected Q4 budget flush. Increase PT to $1,045 on higher estimates and target multiple."

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