Cowen analyst J. Derrick Wood raised his price target on ServiceNow to $370 from $340 following solid Q4 results. The analyst noted sub billings guidance was above expectations and likely better than feared. He said management commentary was bullish and he hears a new level of excitement brewing internally. Wood reiterated his Outperform rating on ServiceNow shares.

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Sees 2024 subscription gross profit margin 84.5%, income from operations margin 29%.

Sees Q2 cRPO growth 20.5% year-over-year.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.