Morgan Stanley analyst Keith Weiss maintained a Buy rating on ServiceNow today and set a price target of $1,315.00.
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Keith Weiss has given his Buy rating due to a combination of factors, primarily centered around ServiceNow’s strategic moves in the cybersecurity domain. The potential acquisition of Armis, a leader in cyber exposure management, is seen as a significant step for ServiceNow in expanding its operational technology (OT) portfolio. This acquisition, if confirmed, would enhance ServiceNow’s capabilities in providing comprehensive security solutions, particularly in the OT sector, which is becoming increasingly crucial for businesses.
Moreover, Armis’ established customer base, which includes a substantial portion of the Fortune 10 companies, and its impressive annual recurring revenue, further strengthen the rationale behind the Buy rating. The acquisition aligns with ServiceNow’s strategy to bolster its security offerings and could potentially lead to increased market share and revenue growth. These strategic initiatives are viewed positively by Keith Weiss, contributing to his optimistic outlook on ServiceNow’s stock.
According to TipRanks, Weiss is a 5-star analyst with an average return of 12.1% and a 62.68% success rate. Weiss covers the Technology sector, focusing on stocks such as Microsoft, Adobe, and Salesforce.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $1,200.00 price target.