Jefferies analyst Samad Samana started ServiceNow with a Buy rating and $240 price target. The analyst expects ServiceNow to join the "exclusive" $4B revenue and $45B market capitalization club in the next 18-24 months. He sees new enterprise customer wins driving greater than 30% subscription revenue growth through 2020, paired with "steady" margin expansion. Samana calls ServiceNow a top large-cap pick. The shares are not cheap, but the "rare size, growth and profitability combination should support a premium valuation," the analyst contends.

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.