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ServiceNow (NYSE:NOW) ticked down 1.1% amid a brand new quick thought from Hedgeye, which sees the potential for 30% draw back for the inventory.
Hedgeye has considerations in regards to the limitations of its ServiceNow’s (NOW) remaining addressable market turning into actuality within the subsequent 9-12 months, analyst Andrew Freedman wrote in a word on Wednesday.
“Our major analysis efforts counsel NOW’s “assertive” pricing and bundling ways might be met with higher pushback within the subsequent spherical of renewals as the corporate makes an attempt to cross by way of one other ~30% value improve onto present clients,” Freedman wrote.
Hedgeye additionally added that it believes some incremental options in ServicNow’s Vancouver product fell “properly quick”of delivering effectivity features promised by GenerativeAI.
“Although there’s a lot left on the AI product roadmap in 2024 and past, we consider buyers might be upset in NOW’s potential to monetize,” Hedgeye’s Freedman wrote.
ServiceNow’s (NOW) quick curiosity is 1.43%.
ServiceNow (NOW) is scheduled to report its This fall outcomes subsequent Wednesday.