Raymond James initiated coverage on ServiceNow (NOW) with a superior performance rating and $1,200 target price The company, which believes ServiceNow’s unique growth in scale is driving “a popular concern about sustainability,” tries to balance its positive long-term view of the business with an acknowledgment that the near-term valuation is “a challenge,” the analyst tells investors. However, the firm believes that the relative valuation share multiple as the company’s total growth in the 20% range “should drive the stock to outperform if that holds true,” he added. analyst

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