TD Cowen Reiterates Buy Rating on ServiceNow (NOW)

TD Cowen analyst Derrick Wood reiterated a Buy rating and $870.00 price target on ServiceNow (NYSE: NOW).

The analyst commented, "NOW reports 1Q on 4/24. Our partner survey & SI conversations were constructive on 1Q, though next-qtr pipeline commentary was a little mixed, Fed growth in 1Q doesn't seem as strong as 2H23 & GenAI adoption is still very early. We expect a modest beat & in-line guide, and think more material growth upside catalysts will likely be more 2H weighted. At ~35x EV/CY25E FCF, we maintain our Buy rating."

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 $731.36 yesterday.

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