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NOW

ServiceNow

$254.23

-0.79 (-0.31%)

09:30
10/18/19
10/18
09:30
10/18/19
09:30

Strong Q3 results, new CFO announcement to support ServiceNow, says RBC Capital

RBC Capital analyst Alex Zukin is keeping his Top Pick rating and $320 price target on ServiceNow ahead of its Q3 results next week. The analyst notes that the his quarter-end checks and the discussions at the recent customer/partner event suggest that the company's performance in the quarter was strong, with better than expected growth in North America. Zukin adds that the decline of 3.4% this week and 14% since the release of Q2 results driven by concerns about EMEA weakness, sales attrition, and management changes sets up potential near term upside catalysts for ServiceNow with the likely announcement of a new CFO and the expected strong Q3 earnings.

  • 23

    Oct

  • 12

    Dec

NOW ServiceNow
$254.23

-0.79 (-0.31%)

10/16/19
MSCO
10/16/19
DOWNGRADE
MSCO
Equal Weight
ServiceNow downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Keith Weiss downgraded ServiceNow to Equal Weight from Overweight.
10/16/19
MSCO
10/16/19
DOWNGRADE
Target $267
MSCO
Equal Weight
Morgan Stanley downgrades ServiceNow to Equal Weight as risks seen rising
As previously reported, Morgan Stanley analyst Keith Weiss downgraded ServiceNow to Equal Weight from Overweight with an unchanged $267 price target. Weiss said the company remains "best-in-class," but it faces increasing near-term risks, including a CFO transition that may result in more cautious initial guidance for FY20 than most investors expect; tougher subscription billings comparisons in the second half of the year; and high expectations with the stock up more than 50% year-to-date, Weiss tells investors. He also noted that the firm's recent CIO survey highlighted the increasingly uncertain macro environment, particularly in Europe, which is another concern for ServiceNow.
10/16/19
10/16/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Adobe (ADBE) downgraded to Neutral from Buy at Citi with analyst Walter Pritchard saying he believes the stock's risk/reward is "more balanced" with the company's fiscal 2020 guidance "likely to be less conservative." 2. Acuity Brands (AYI) downgraded to Neutral from Outperform at Baird and to Perform from Outperform at Oppenheimer. 3. Costco (COST) downgraded to Neutral from Buy at Northcoast with analyst Chuck Cerankosky citing valuation. 4. ServiceNow (NOW) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Keith Weiss saying the company remains "best-in-class," but it faces increasing near-term risks, including a CFO transition that may result in more cautious initial guidance for FY20 than most investors expect; tougher subscription billings comparisons in the second half of the year; and high expectations with the stock up more than 50% year-to-date. 5. Extraction Oil & Gas (XOG) downgraded to Equal Weight from Overweight at Stephens with analyst Gail Nicholson citing the Q3 production miss, and increased cautiousness around oil. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/17/19
MACQ
10/17/19
NO CHANGE
Target $335
MACQ
Outperform
ServiceNow selloff yesterday a buying opportunity, says Macquarie
Macquarie analyst Sarah Hindlian recommends using the selloff yesterday in shares of ServiceNow as a buying opportunity. The analyst's channel checks suggest a "solid quarter" with North American resellers "pointing well ahead of plan." Further, a CFO appointment is in the final stages and may be announced soon "while Snowflake concerns are overblown," Hindlian tells investors in a research note. She believes investors should be building positions in ServiceNow going into its "seasonally strong" second half of the year. She reiterates an Outperform rating on the shares with a $335 price target.

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