UPDATE: Stifel Assumes ServiceNow (NOW) at Buy

(Updated - January 18, 2022 5:06 AM EST)

Stifel analyst Tom Roderick assumes coverage on ServiceNow (NYSE: NOW) with a Buy rating and a price target of $650.00.

The analyst comments "Transferring coverage of ServiceNow to Brad Reback from Tom Roderick. Over the last several years, ServiceNow has successfully expanded its solution set from core IT workflows (ITSM & ITOM) to one that now includes Customer Service Management (CSM), Human Resource and Government, Risk & Compliance GRC) products that support additional use cases within an enterprise. Based on recent checks, it appears that NOW has substantial runway left in the core IT business, and we believe that the emerging solutions, in combination with additional AI, ML and RPA capabilities, should enable customers of all sizes to increasingly standardize on ServiceNow as a core development platform. Net/net we expect that ServiceNow's rapidly expanding platform should enable the company to maintain 20%+ revenue growth and significant margin expansion in coming years. We maintain a Buy rating, but are lowering our 12-month target price to $650 based on recent multiple compression in the group."

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 $531.02 yesterday.

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