#3 - ServiceNow (NYSE:NOW)
Another high-flying technology stock from 2024 that is likely to deliver an encore performance is ServiceNow Inc. (NYSE: NOW). You do have to look past a forward P/E ratio of 156, but there are reasons to do so.
First, ServiceNow is a software company at a time when the AI revolution is beginning to transition from hardware companies (e.g. NVIDIA) to software—which will determine how companies can monetize AI.
The challenge for ServiceNow will be delivering outsized growth in 2025. At its December 24, 2024 price, NOW stock looks to be fairly priced. In fact, the consensus price target shows a 4% downside in the next 12 months. However, in December alone, at least two analysts raised their price targets to around $1,200, suggesting higher upside.
And the wild card in the NOW stock forecast could be a stock split, which analysts see as more likely with the stock trading at over $1,000 per share.
About ServiceNow
ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.
Read More - Current Price
- $1,081.46
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 25 Buy Ratings, 3 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $1,048.00 (3.1% Downside)
