Argus analyst Joseph Bonner raised his price target on ServiceNow to $215 and kept his Buy rating after its "another strong" Q2 that showed a doubling in EPS and a 41% increase in revenue. The analyst cites the company's position of value creation in IT services amid the "secular trend away from the enterprise data center and toward the more easily scalable and cost-effective cloud software-as-a service model", anticipating further revenue and profit growth in the coming few years to support its valuation. Bonner also points to ServiceNow's strong customer retention renewal rate in the upper 90's over the last few years, remaining at 98% in Q2, and a 30% Q2 growth in its total billings.

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."