Summit Insights Assumes ServiceNow (NOW) at Buy
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Summit Insights analyst Srini Nandury assumes coverage on ServiceNow (NYSE: NOW) with a Buy rating and a price target of $750.00.
The analyst comments "ServiceNow deserves a premium multiple given the prospects for continued high growth driven by secular growth trends, potential margin expansion, industry leadership, and a deep moat. ServiceNow’s growth is tied to digital transformation and the use of automation across the enterprise to automate all-major enterprise workflows such as IT, Customer, and Workforce. The company offers three primary workflows - IT Workflows, Customer Workflows, and Employee Workflows. The company’s platform is also flexible enough to allow customers to build new workflows on their own if pre-built workflows are not sufficient. Enterprises can monetize their custom workflows via the ServiceNow store, creating a network effect. ServiceNow continues to grow its TAM by growing into adjacent areas such as observability and RPA. The TAM is expected to grow to about $175 billion by 2024
Shares of ServiceNow closed at $664.22 yesterday.
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