ServiceNow Faces Mixed Analyst Opinions: Guggenheim Downgrades While Needham Sees Strong Growth Potential
ServiceNow Faces Mixed Analyst Opinions: Guggenheim Downgrades While Needham Sees Strong Growth Potential
ServiceNow Inc (NYSE:NOW) shares are trading lower after Guggenheim analyst John Difucci downgraded the stock from Neutral to Sell with a $640 price target.
Guggenheim分析師John Difucci將Servicenow股票的評級從中立下調至賣出，目標價爲640美元，此後股價下跌。
Needham analyst Mike Cikos reiterated ServiceNow with a Buy and a $900 price target.
Needham分析師Mike Cikos重申Servicenow股票的買入評級，目標價爲900美元。
Cikos noted that in each of the past five quarters, ServiceNow has surpassed quarterly cRPO and Subscription Revenue guidance.
Cikos指出，在過去的5個季度中，服務Now的季度cRPO和訂閱營業收入陳述都超過了指引
The analyst anticipated ServiceNow can sustain 20%-plus growth over the medium-/long-term, where the company's unified platform architecture and value proposition drive lower TCO.
分析師預計服務Now公司能在中長期內保持20%以上的增長，公司統一的平台結構和價值主張將推動更低的總擁有成本（TCO）。
ServiceNow is benefiting from a product cycle with the launch of Pro Plus in September 2023, layering an incremental tailwind through increased ASPs, as per Cikos.
根據Cikos的說法，服務Now正在受益於產品週期，即通過2023年9月推出的Pro Plus來實現增量增長，以提高平均售價（ASP）。
The analyst said that when accounting for the significantly larger upside in the fourth quarter of calendar 2023, the average outperformance from October 2023 to March 2024 is approximately in line with the trend line.
分析師表示，在考慮到2023年第四季度有顯著增長空間的情況下，從2023年10月到2024年3月的平均超額表現大致符合趨勢線。
Management's Subscription Revenue guidance range for $2.525 billion to $2.530 billion (+21.7%-21.9% year-on-year reported) implies modest sequential growth, where the consensus estimate of $2.252 billion assumes a $2 million quarter-on-quarter increase, which would be the lowest in the company's history as a publicly traded company stretching back to 2012, Cikos noted.
Cikos指出，管理層的訂閱營業收入指引範圍爲252.5億至253億美元（同比增長21.7%-21.9%），暗示着適度的順序增長；而市場預期認爲，營收將達到225.2億美元，環比增長200萬美元，這將會是自2012年服務Now公司上市以來最低的一次。
Over the last three years, ServiceNow's Magic Number has been 0.22 in the second quarter of calendar 2020, 0.34 in the second quarter of calendar 2021, 0.19 in the second quarter of calendar 2022, and 0.29 in the second quarter of calendar 2023. To achieve the lowest mark (0.19) over the last four years, ServiceNow would need to report $35 million of upside to the consensus estimate – or $2.560 billion in subscription revenue, per the analyst.
在過去的三年中，服務Now公司的魔數分別爲2020年第二季度的0.22、2021年第二季度的0.34、2022年第二季度的0.19和2023年第二季度的0.29。分析師預計，爲達到過去四年中最低的標準（0.19），服務Now公司需要向市場報告營收出現意外3500萬美元，即營業收入達到25.6億美元。
Based on actual foreign currency movements during the second quarter of calendar 2024, Cikos estimated a slight headwind to reported Subscription Revenue and cRPO, where both currencies were ~1% weaker during the quarter, Cikos said. As a reminder, EMEA has consistently represented roughly 25% of total revenue. The total currency headwind is likely to be further insulated due to ServiceNow's initiation of a currency hedging program during the first quarter of calendar 2024, Cikos added.
根據Cikos的說法，根據2024年第二季度實際的外匯波動，報告的訂閱營業收入和cRPO可能會受到輕微的負面影響，因爲該季度兩種貨幣均在季度內下跌約1%。需要提醒的是，歐洲、中東、非洲地區一直佔收入的約25%。此外，由於服務Now公司在2024年第一季度啓動了貨幣對沖計劃，總體貨幣負面影響可能會進一步緩解。
Price Action: NOW shares traded lower by 4.74% at $768.26 at the last check Monday.
截至週一最後檢查，NOW股票以768.26美元（下跌4.74%）交易。
Image: Shutterstock
圖片：shutterstock
譯文內容由第三人軟體翻譯。