UPDATE: FBN Securities Reiterates Outperform Rating, Raises PT on ServiceNow Following Another Fine Quarter

In a report published Monday, FBN Securities analyst Shebly Seyrafi reiterated an Outperform rating on

, and raised the price target from $80.00 to $85.00. In the report, FBN Securities noted, “We reiterate our Outperform rating on NOW and raise our PT from $80 to $85. The company yet again delivered a very strong quarter with revenue and billings up 61% Y/Y and 58% Y/Y, respectively (and nicely above consensus), with large deals growing well (deals over $1M almost quadrupled to 11), and broad-based geographic growth (N. America, Europe, and APJ were up 56%, 70%, and 73% Y/Y, respectively). NOW has 107 customers with an annual contract value (ACV) of over $1M, more than double what it had a year before.” ServiceNow closed on Friday at $65.45.