Analyst Keith Bachman of BMO Capital maintained a Buy rating on ServiceNow (NOW – Research Report), reducing the price target to $950.00.
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Keith Bachman has given his Buy rating due to a combination of factors, including ServiceNow’s strong position in the IT service management market and its potential for growth in new product areas. Despite the uncertain macroeconomic environment, Bachman remains optimistic about ServiceNow’s long-term prospects.
He acknowledges the challenges posed by the current geopolitical landscape and tariff issues but believes these are temporary and likely to resolve by year-end. Bachman also notes that while there may be some hesitancy in altering guidance due to these uncertainties, ServiceNow’s leadership is expected to maintain a steady outlook. Additionally, the demand from state and local governments appears stable, although there is some slowdown in the federal sector. Overall, Bachman sees ServiceNow as well-positioned to leverage its large installed base for continued growth.
According to TipRanks, Bachman is a 5-star analyst with an average return of 9.0% and a 54.25% success rate. Bachman covers the Technology sector, focusing on stocks such as Adobe, ServiceNow, and Accenture.
In another report released today, J.P. Morgan also maintained a Buy rating on the stock with a $970.00 price target.