RBC Capital analyst Alex Zukin assumed coverage of ServiceNow with a raised price target of $320 from $300 and an Outperform rating, saying its "large platform opportunity" and "unparalleled growth at scale" should make the stock a "long term winner". The analyst notes the company's most recent subscription revenue growth of 33%, which he sees as a testament to the moats of its core business. Zukin further cites ServiceNow's potential based on the 45% penetration in IT service management and the company remaining a "strategic vendor" to 75% of the Fortune 500 firms.

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."