Stifel analyst Tom Roderick upgraded ServiceNow to Buy from Hold and raised the price target to $320 from $290. The analyst's partner checks were "decidedly positive" in contract to investor concerns about a lackluster Q3 bookings outlook, which has weighed on shares since the Q2 call on July 24. Roderick thinks emerging products are gaining traction and the company can maintain high 25%-30% top line growth for several years, even with operating margins expanding.

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."