Evercore ISI analysts increased their price target for ServiceNow (NYSE:NOW) from $725.00 to $800.00, while continuing to recommend an Outperform rating. This adjustment follows the results of a positive partner survey.
The analysts noted that although ServiceNow shares have seen a significant rise since the third fiscal quarter results, investors might need to exercise some patience in the near term. The partner survey, which gathered insights from 15 major ServiceNow partners, suggests that estimates for 2024 should lean towards an upward adjustment. It also underscores the potential benefits from the Pro+ SKU.
Regarding the fourth fiscal quarter results, the analysts anticipate ServiceNow to achieve modestly better performance than the current outlook and Street estimates, which are both at $2.4 billion in revenue. The expected Compound Recurring Profit Order (CRPO) growth is around 20.5% (21% in constant currency).