Piper Jaffray analyst Alex Zukin says his recent conversations with industry partners indicate "strong" renewal and net new business in ServiceNow's (NOW) Q3. He expects the company to outperform consensus expectations. Zukin sees the earnings report as a catalyst and points out that shares of ServiceNow are down 12% year-to-date while trading at a 14% discount to Workday (WDAY). The analyst reiterates an Overweight rating on ServiceNow with a $90 price target.

Citi analyst Tyler Radke raised the firm's price target on ServiceNow to $906 from $896 and keeps a Buy rating on the shares. The analyst maintains a positive view on ServiceNow, holding estimates just above the high end of guidance as the firm's partner checks suggest solid demand and further Pro Plus interest. Commentary continued a similarly positive tone to Q4, as partners saw larger deal sizes and stronger pipelines than this time last year, the analyst tells investors in a research note. Citi says that while the shares have outperformed peers and the current valuation creates a high bar, a "beat/raise" quarter heading into the analyst and second half of 2024 growth acceleration "provide a positive event path."

Wells Fargo analyst Michael Turrin raised the firm's price target on ServiceNow to $900 from $875 and keeps an Overweight rating on the shares ahead of quarterly results. While feedback on Pro+ adoption remains early, the firm's checks pointed to solid renewal execution and continued progress outside of core ITSM, suggesting a solid 2024 start despite Q1s being seasonally lighter.