ServiceNow Stock (NOW): $600 Price Target By RBC Capital

By Amit Chowdhry ● October 13, 2020
  • RBC Capital analyst Alex Zukin has increased the price target of ServiceNow (NYSE: NOW) to $600 from $510

RBC Capital analyst Alex Zukin has increased the price target of ServiceNow (NYSE: NOW) to $600 from $510. And Zukin placed an “Outperform” rating on the stock.

Zukin has been steadily increasing the price target for ServiceNow over the last few months.

For example, Zukin had increased the price target to $500 from $372 back in July. Back then, Zukin noted that ServiceNow is positioned as a beneficiary of remote work trends in the near-term and longer term.

Recently, it was announced that ServiceNow became the official workflow partner for the NBA and the WNBA. As part of the multiyear partnership, ServiceNow will deliver the products and technologies needed to create and streamline workflows across the NBA and WNBA.

RBC is not the only financial firm to increase the price target for ServiceNow. Earlier this month, Barclays assigned an “Overweight” rating on the company’s stock and increased the price target from $486 to $581. And JMP Securities increased the price target from $460 to $534 with an “Outperform” rating.

The $600 price target represents an upside of 17.9% from the previous close of the stock price.

Disclosure: I have a small position of ServiceNow in my stock portfolio.