BofA/Merrill analyst Kash Rangan named ServiceNow a top idea saying public cloud adoption is poised to be a potential catalyst. Public clouds are beginning to leverage ServiceNow offerings, aiding enterprises the ability to control and manage workloads alongside their on premise IT assets, the analyst wrote. Rangan believes Microsoft Azure and AWS are working with ServiceNow on technical integration of ITSM and ITOM, potentially leading to a business partnership. Additionally, the analyst is encouraged by Q2 operating margin upside which is likely an indication for FY16 upside. Rangan rates ServiceNow a Buy with an $86 price target.

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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.