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ServiceNow (NOW) in Focus as Bernstein Calls It the Cheapest Large-Cap Software Name
ServiceNow, Inc. (NYSE:NOW) is one of the AI Stocks on the Market’s Radar. On December 17, Bernstein SocGen reiterated an “Outperform” rating on the stock with a $1,093.00 price target. Deeming NOW as the “cheapest large-cap software stock” after selloff, the firm sees the stock’s valuation as overly discounted compared to fundamentals and peers.
“The ‘cheapest’ large cap software stock?!? This is a title we didn’t think we’d ever write for a business we labeled as ‘the next Microsoft’. Yesterday we defended the potential Armis M&A that sent the stock down ~11%. Today we are reflecting on how cheap the stock is — ServiceNow’s Price to 3-year-out FCF (minus SBC) vs. growth rate (our model) is now below the most bearish AI-narrative impacted large cap application software peers like Adobe.”
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