ServiceNow Stock Slumps 4.8% After Downgrade by Guggenheim While Needham Sees Strong Growth Potential
ServiceNow Stock Slumps 4.8% After Downgrade by Guggenheim While Needham Sees Strong Growth Potential
$ServiceNow (NOW.US)$ shares are trading lower after Guggenheim analyst John Difucci downgraded the stock from Neutral to Sell with a $640 price target.
$ServiceNow (NOW.US)$股票当前交易价格下跌，Guggenheim分析师约翰·迪富奇将评级从中立降级至卖出，目标股价为640美元。
Needham analyst Mike Cikos reiterated ServiceNow with a Buy and a $900 price target.
Needham分析师Mike Cikos重申Servicenow股票的买入评级，目标价为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，在过去的5个季度中，服务Now的季度cRPO和订阅营业收入陈述都超过了指引
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.
分析师预计服务Now公司能在中长期内保持20%以上的增长，公司统一的平台结构和价值主张将推动更低的总拥有成本（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.
根据Cikos的说法，服务Now正在受益于产品周期，即通过2023年9月推出的Pro Plus来实现增量增长，以提高平均售价（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.
分析师表示，在考虑到2023年第四季度有显著增长空间的情况下，从2023年10月到2024年3月的平均超额表现大致符合趋势线。
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，管理层的订阅营业收入指引范围为252.5亿至253亿美元（同比增长21.7%-21.9%），暗示着适度的顺序增长；而市场预期认为，营收将达到225.2亿美元，环比增长200万美元，这将会是自2012年服务Now公司上市以来最低的一次。
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.
在过去的三年中，服务Now公司的魔数分别为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。分析师预计，为达到过去四年中最低的标准（0.19），服务Now公司需要向市场报告营收出现意外3500万美元，即营业收入达到25.6亿美元。
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.
根据Cikos的说法，根据2024年第二季度实际的外汇波动，报告的订阅营业收入和cRPO可能会受到轻微的负面影响，因为该季度两种货币均在季度内下跌约1%。需要提醒的是，欧洲、中东、非洲地区一直占收入的约25%。此外，由于服务Now公司在2024年第一季度启动了货币对冲计划，总体货币负面影响可能会进一步缓解。
(To see ServiceNow's options chain, click here.)
（要查看servicenow的期权链，请点击）这里.)