ServiceNow price target raised to $975 from $950 at Stifel

Stifel analyst Brad Reback raised the firm’s price target on ServiceNow (NOW) to $975 from $950 and keeps a Buy rating on the shares. 22% constant currency cRPO growth meaningfully outperformed muted expectations, driven by strong enterprise execution, very healthy Federal business and modest benefit from early renewals, the analyst tells investors. While the uncertain macro could easily become a bigger headwind down the road, the firm continues to believe ServiceNow “remains a best-in-case asset that should sustain well-above market growth/profitability for years to come,” the analyst added.