ServiceNow (NOW): Steady 2Q Execution - Cowen

Cowen analyst, Derrick Wood, reiterated his Outperform rating on shares of ServiceNow (NYSE: NOW) and raised his price target to $123 after 2Q was a modest beat with sub billings growth of 41%.

Non ITSM bookings had a break-out quarter, demonstrating continued success at expanding into new markets. The analyst stated "management sounded quite bullish about 2H pipelines where we see greater upside strength. NOW's best-in-class growth and margin profile continue to warrant a market premium".

The new PT of $123 is up from $110.

For an analyst ratings summary and ratings history on ServiceNow click here. For more ratings news on ServiceNow click here.

Shares of ServiceNow closed at $109.72 yesterday.

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