UPDATE: ServiceNow (NOW) PT Raised to $700 at Morgan Stanley as Billings Growth Beats by 25%
- Wall Street extends rally as value stocks bounce
- China Tells Local Authorities to Prepare For a 'Possible Storm' and Prevent Unrest as Evergrande Crisis Unravels - WSJ
- Salesforce (CRM) Raises FY22 Revenue Guidance; Initiates FY23 Revenue
- Oil prices rise, hit 2-month highs on supply worries
- IDFA Seen as a 'Real Headwind' for Facebook (FB) but Analysts Remain Positive
Morgan Stanley analyst Keith Weiss raised the price target on ServiceNow (NYSE: NOW) to $700.00 (from $662.00) after the company reported Q2 Constant Currency (cc) Constant
Duration subscription billings growth at +25% YoY, 5% points ahead of consensus.
The analyst reiterated an Overweight rating, stating "ServiceNow saw strength across their IT Service Management (ITSM), IT Operations Management (ITOM), Customer Workflow and Creator Workflow segments. Management spoke bullishly to accelerating new Annual Contract Value (ACV) growth in the quarter, expanding pipelines into the second half and better coverage ratios giving them confidence to increase the subscription billings guide for the second half of FY22. CFO Gina Mastantuono remarked on the conference call, "We absolutely expect continued acceleration in net new, and we are feeling really good about both the Q3 as well as the full year increase in billings guidance."
You May Also Be Interested In
- Trimble (TRMB) Slips as Morgan Stanley Downgrades to Underweight
- NuVista Energy Ltd (NVA:CN) (NUVSF) PT Raised to Cdn$6.25 at Stifel Canada
- Intesa-Sanpaolo SpA (ISP:IM) (ISNPY) PT Raised to EUR2.25 at Berenberg
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Hot Comments
Related EntitiesMorgan Stanley
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!