Benzinga | Jan 27, 2022 11:48AM EST

Analysts Lift ServiceNow Price Target After Q4 Results

Analysts mostly hailed ServiceNow Inc's (NYSE:NOW) Q4 results by raising their price targets.

* Piper Sandler analyst Rob Owens upgraded ServiceNow to Overweight from Neutral with an unchanged price target of $650 (20% upside).

* Subscription billings acceleration and considerable deal strength "punctuated a solid 4Q result" from the company.

* The analyst says that with digital transformation initiatives sustaining and IT spending outlook strong into 2022, ServiceNow is well-positioned to "capitalize on meaningful tailwinds."

* He believes investors should be opportunistic after the stock's recent pullback.

* Mizuho analyst Gregg Moskowitz raised the firm's price target on ServiceNow to $650 from $615 and reiterated a Buy.

* The company reported a strong close to the year with Q1 and 2022 guidance better than feared.

* Looking forward, the analyst reiterates his expectation of continued high growth over the next few years.

* Credit Suisse analyst Phil Winslow lowered the firm's price target on ServiceNow to $800 from $850 (48% upside) and maintained an Outperform.

* The analyst notes ServiceNow reported "strong" Q4 results-with, with the main highlight of cRPO growth of 29% year-over-year exceeding consensus of 27.4% year-over-year.

* BMO Capital analyst Keith Bachman raised the price target on ServiceNow to $635 from $600 (17% upside) and reiterated an Outperform.

* The company has had the most robust results among its covered names, alleviating investor concern about a slowdown in spending.

* Bachman adds that he had previously named ServiceNow as one of his "preferred growth names," and he sees Q4 having reinforced that view.

* Price Action: NOW shares traded higher by 11.78% at $541.49 on the last check Thursday.