Servicenow: Strong Q1 2024 Earnings Prompt Morgan Stanley Analyst to Raise Price Target

WallStreetZen04-26

Morgan Stanley's Keith Weiss raised their price target on Servicenow (NYSE: NOW) by 2% from $814 to $830 on 2024/04/25. The analyst maintained their Strong Buy rating on the stock.Weiss made their ...

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The analyst maintained their Strong Buy rating on the stock.Weiss made their ...</p>\n\n<a href=\"https://www.wallstreetzen.com/news/servicenow-strong-q1-2024-earnings-prompt-morgan-stanley-analyst-to-raise-price-target\">Source Link</a>\n\n</div>\n","source":"wallstreetzen_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Servicenow: Strong Q1 2024 Earnings Prompt Morgan Stanley Analyst to Raise Price Target</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nServicenow: Strong Q1 2024 Earnings Prompt Morgan Stanley Analyst to Raise Price Target\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-04-26 19:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wallstreetzen.com/news/servicenow-strong-q1-2024-earnings-prompt-morgan-stanley-analyst-to-raise-price-target><strong>WallStreetZen</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Morgan Stanley's Keith Weiss raised their price target on Servicenow (NYSE: NOW) by 2% from $814 to $830 on 2024/04/25. The analyst maintained their Strong Buy rating on the stock.Weiss made their ...</p>\n\n<a href=\"https://www.wallstreetzen.com/news/servicenow-strong-q1-2024-earnings-prompt-morgan-stanley-analyst-to-raise-price-target\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MS","symbol_name":"摩根士丹利","start_time":0,"source_url":"https://www.wallstreetzen.com/news/servicenow-strong-q1-2024-earnings-prompt-morgan-stanley-analyst-to-raise-price-target","article_id":"2430734822","we_media_id":null,"thumbnails":["https://images.unsplash.com/photo-1581094289810-adf5d25690e3?crop=entropy&cs=tinysrgb&fit=crop&fm=jpg&ixid=M3w0NDY2OTN8MHwxfHNlYXJjaHw5fHxHdWlkZXdpcmUlMjBTb2Z0d2FyZXxlbnwwfDB8fHwxNjk0MjU1Njk3fDA&ixlib=rb-4.0.3&q=80&w=260&utm_source=wallstreetzen&utm_medium=referral&utm_campaign=api-credit&h=180"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2430734822","pubTimestamp":1714132080,"sourceInfo":{"source_id":"wallstreetzen_highlight","name":"WallStreetZen"},"weMediaInfo":null,"summary":"Morgan Stanley's Keith Weiss raised their price target on Servicenow (NYSE: NOW) by 2% from $814 to $830 on 2024/04/25. The analyst maintained their Strong Buy rating on the stock.Weiss made their pri","collect":0,"end_time":0,"defaultTopTitle":"wallstreetzen.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"MS":"摩根士丹利","NOW":"ServiceNow","TGT":"塔吉特"},"translate_title":"Servicenow：Q1 2024年强劲收益促使摩根士丹利分析师上调目标价","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MS":1,"NOW":1,"TGT":1},"content_text":"Morgan Stanley's Keith Weiss raised their price target on Servicenow (NYSE: NOW) by 2% from $814 to $830 on 2024/04/25. The analyst maintained their Strong Buy rating on the stock.Weiss made their price target move after assessing Servicenow's Q1 2024 earnings, reported on 2024/04/24. The quarterly results showed promising figures, with Servicenow beating both the Zacks Consensus Estimate and the previous year's Q1 earnings. EPS came in at $3.41, surpassing the Zacks Consensus Estimate by 8.25% and Q1 2023 by an impressive 44%. Revenue reached $2.6 billion, exceeding the Zacks Consensus Estimate by 0.62% and Q1 2023 by a substantial 24.2%.One highlight of the earnings report was the strong performance of Servicenow's subscription revenue, which stood at $2.52 billion, representing a solid year-over-year growth of 24.7%. The company also maintained a subscription gross margin of 85.7%, demonstrating stability in this key financial metric. Additionally, Servicenow's cRPO (current Remaining Performance Obligations) increased to $8.45 billion, reflecting a 21% year-over-year growth.Weiss acknowledged that although Servicenow's cRPO beat was smaller than expected, it was offset by above-consensus Q2 guidance and an upward revision to management's FY 2024 subscription revenue outlook. Looking ahead, Weiss pointed out that the next valuation catalysts for Servicenow are the upcoming Investor Day event on May 6, 2024, and the potential for better cRPO growth in the second half of 2024.In terms of Q2 2024 guidance, Servicenow's management expects subscription revenue to range between $2.525 billion and $2.53 billion, suggesting a year-over-year improvement of 21.5% to 22%. The company anticipates cRPO growth of 20.5% year-over-year and an operating margin of 25%. For the full fiscal year 2024, Servicenow targets subscription revenue in the range of $10.56 billion to $10.575 billion, with a year-over-year improvement of 21.5% to 22%. The company also aims for a subscription gross margin of 84.5% and an operating margin of 29%.While Weiss was optimistic about Servicenow's prospects, they were not alone in providing analysis on the stock. Other analysts also weighed in on Servicenow following the Q1 2024 earnings report. BMO Capital's Keith Bachman lowered their price target by -2.4% from $850 to $830 but maintained their Buy rating on the stock. KeyBanc's Jason Ader lowered their price target by -5% from $1,000 to $950, while UBS's Karl Keirstead reduced their price target by -4.9% from $920 to $875. Both analysts, however, maintained their Strong Buy ratings on Servicenow.Currently, 93.3% of top-rated analysts consider Servicenow as a Strong Buy or Buy, with 6.7% rating it as a Hold. No analysts recommend or strongly recommend selling the stock.Since the release of Servicenow's latest quarterly report on 2024/04/24, the stock price has experienced a 4% decline. However, when compared to the previous year, the stock has performed exceptionally well, with a 61.9% increase. During this period, Servicenow has outpaced the S&P 500, which has risen by 24%.Keith Weiss, the analyst who raised Servicenow's price target, is ranked in the top 2% of Wall Street analysts by WallStreetZen. With an average return of 16.1% and a 67.4% win rate, Weiss specializes in the Communication Services and Technology sectors.ServiceNow Inc. is a company that offers enterprise cloud software solutions. Its products and services cater to various sectors, including financial services, healthcare, logistics, retail, telecommunications, media and technology, manufacturing, energy and utilities, higher education, life sciences, and government. The company markets its products through direct sales offices in the U.S. and internationally, as well as through third-party channels. ServiceNow was founded in 2004 and has its headquarters in Santa Clara, CA.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430734822"}