In a report released today, Bradley Sills from Bank of America Securities reiterated a Buy rating on ServiceNow (NOW – Research Report), with a price target of $1,025.00.
Bradley Sills’s rating is based on ServiceNow’s strategic positioning and growth potential within its market. Despite some concerns about the company’s performance in the upcoming quarters, Sills highlights ServiceNow’s steady expansion in IT Service Management (ITSM), IT Operations Management (ITOM), and IT Asset Management (ITAM), along with improvements in Human Resources and Customer Relationship Management add-ons.
The stock’s recent decline has been attributed to broader market concerns, yet Sills sees this as an opportunity given ServiceNow’s leadership in AI applications and its potential for future growth. The company’s current market share is less than 20% of a $70 billion+ market, suggesting significant room for expansion. Additionally, the recent acquisition of Moveworks is expected to act as a positive catalyst, reinforcing the Buy rating with a price objective of $1,025.
According to TipRanks, Sills is a 3-star analyst with an average return of 0.4% and a 42.82% success rate. Sills covers the Technology sector, focusing on stocks such as Microsoft, Salesforce, and ServiceNow.
In another report released today, Oppenheimer also reiterated a Buy rating on the stock with a $970.00 price target.