ServiceNow price target raised to $1,068 from $915 at Citi

Citi analyst Tyler Radke raised the firm’s price target on ServiceNow to $1,068 from $915 and keeps a Buy rating on the shares. The firm remains “constructive” on ServiceNow, saying it has confidence the company can weather a “choppy” IT budget environment with a resilient core business and emerging generative artificial intelligence upsell. Citi says its Q3 fieldwork was solid on the company. However, with a strong run into shares, no major transformational deals in its fieldwork, and contract data which suggests a more modest U.S. federal quarter on tough comps, Citi finds ourselves “pounding the table a bit less” and closed its short-term positive view on the shares.