ServiceNow (NOW) PT Raised to $235 at Cowen

Cowen analyst J. Derrick Wood raised the price target on ServiceNow (NYSE: NOW) to $235.00 (from $210.00) while maintaining a Outperform rating.

Wood commented, "NOW delivered an exceptional 4Q as sub billings growth of 39% cc beat our 33% est, w/ particular strength in EMEA. Even more impressive was the FY19 sub billings guide of +31-32% cc vs. our estimate of 29% & mgmt indicated it doesn't see disruption to its Fed pipelines. Spending on Digital remains robust & NOW is proving it has the positioning to sustain superior organic growth."

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