KeyBanc analyst Rob Owens expects ServiceNow to deliver beat and raise Q2 results, as he thinks that the company has continued to benefit from strong cloud adoption trends. He recommends buying the stock ahead of the company's Q2 results. The analyst keeps a $111 price target and an Overweight rating on the stock.

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."