RBC Capital expects ServiceNow's Q2 results to beat expectations, and the firm predicts that the company will raise its guidance when it reports its results on July 30. After conducting channel checks, the firm thinks that the company closed most of the deals that slipped into Q2 from Q1. RBC keeps a $90 price target and Top Pick rating on the shares.

KeyBanc analyst Jackson Ader lowered the firm's price target on ServiceNow to $950 from $1,000 and keeps an Overweight rating on the shares. The firm notes the quarter plainly did not beat guidance by enough to satisfy expectations, and it would include its expectations in that assessment as well. The headline numbers on revenue and margin aren't the problem; "it was the non-revenue top-line metrics that catch our eye," says KeyBanc. Current billings was an outright miss, but the firm understands that invoicing patterns and timing swing this around more so than getting ink on paper for contracted obligations. Still, not great.

UBS lowered the firm's price target on ServiceNow to $875 from $920 and keeps a Buy rating on the shares. ServiceNow is still in rarified territory by growing more than 20% with 400 basis points of year over year margin expansion, but this print fell a bit short of expectations, the analyst tells investors in a research note. This print in a seasonally light 1Q quarter isn't likely to be a thesis-changer for most, UBS contends.

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Sees 2024 subscription gross profit margin 84.5%, income from operations margin 29%.

Sees Q2 cRPO growth 20.5% year-over-year.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.