UPDATE: Stephens Initiates Coverage on ServiceNow on Market Leader Position

In a report published Wednesday, Stephens analyst Alex Zukin initiated coverage on ServiceNow (NYSE: NOW) with an Overweight rating and $60.00 price target.

In the report, Stephens noted, “We view ServiceNow as a technology and share leader in the Cloud Computing and IT Operations Management market. Driven by market leading product capabilities, strong market trends and a growing platform play, we believe the company is well positioned for superior organic growth. We are initiating coverage with an Overweight/Vol rating and $60 price target.”

ServiceNow closed on Tuesday at $47.35.