William Blair analyst Justin Furby says ServiceNow posted an "exceptional" Q4 print. The analyst is encouraged by management's positive bookings commentary "with strength across all product lines." He now has incremental confidence in a $4B-plus revenue outlook for the company in 2020, which he believes will drive $7.00 or more in free cash flow per share. Looking beyond 2020, it is worth noting that ServiceNow still has only 18 customers paying it more than $10M a year, Furby tells investors in a research note titled "Blowout Quarter and Even Better Guidance; This Train Seems Unstoppable." He sees "no reason why over the longer term this number cannot move into the 100s." The analyst keeps an Outperform rating on the shares.

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."