Canaccord analyst Richard Davis raised his price target for ServiceNow to $300 from $285 and maintained a Buy rating after attending the company's user conference and analyst day. In a research note to investors, Davis says that, unlike most software companies that trot out too large total addressable markets, he has "absolutely no hesitation" to suggest that ServiceNow's TAM is "legitimately several tens of billions of dollars." Davis says he expects ServiceNow to execute well in this big market populated with hidebound legacy competition, and well enough that he thinks ServiceNow is the firm most likely to be the next enterprise software firm to reach a $100B market cap.

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."