ServiceNow (NOW) PT Raised to $110 at Cowen

Cowen raised its price target on ServiceNow (NYSE: NOW) to $110.00 (from $100.00) while maintaining a Outperform rating.

Analyst Derrick Wood comments "All geos and product areas beat expectations, making this a particularly clean outperformance. NOW delivered its second consecutive sizable upside qtr with normalized cc subscription billings growth coming in at 44%, well above our estimate of 36%. This >$30 mln beat was generated by 1) large deals (a record 27 deals with $1 mln+ in ACV, crushing its previous record of 16, including an all-time high $11 mln+ ACV platform deal with a Global 25 company); 2) increasing attach rates for newer products beyond ITSM, especially with ITOM where deal sizes tend to be higher; and 3) growing success from its new Inspire program designed to help companies make large transformational investments with NOW across its platform."

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