UPDATE: D.A. Davidson & Co. Initiates Coverage On ServiceNow On Four-Dimensional Growth Story

In a report published Wednesday, D.A. Davidson & Co. analyst Jack Andrews initiated coverage on ServiceNow (NYSE: NOW) with a Buy rating and $74.00 price target.

In the report, D.A. Davidson & Co. noted, “Strong relationships with enterprise IT departments a differentiating factor. NOW's products provide a way to improve an IT department's standing within an organization by improving user experience. They also provide a mechanism for IT personnel to reassert some control away from other division managers in technology purchasing and enterprise IT roadmap decisions. As a result, IT personnel become advocates for the adoption of NOW's platform across other business units.”

ServiceNow closed on Tuesday at $59.90.