ServiceNow price target raised to $1,100 from $900 at Truist

Truist analyst Joel Fishbein raised the firm’s price target on ServiceNow (NOW) to $1,100 from $900 and keeps a Hold rating on the shares as part of a broader research note on Infrastructure Software. The company is disrupting and redefining service management across the enterprise as legacy providers are unable to deal with the evolving complexity of IT environments, the analyst tells investors in a research note. Truist adds however that while ServiceNow’s expanding product set is addressing an additional $54B of market opportunity, at its current valuation, the firm seeks better visibility in the impacts of GenAI on both the top and bottom lines.