ServiceNow COO Amit Zavery announced an ambitious $30 billion subscription revenue target by 2030 at the J.P. Morgan Global Technology Conference, sparking a sharp recovery in the stock. Wall Street remains highly bullish on the company, with a vast majority of analysts maintaining a Strong Buy rating.
- The $30 billion target represents a major milestone, implying a near-doubling of the company's current subscription revenue run-rate over the next four years.
- The stock staged a strong recovery, rising over 8% on May 18 and climbing another 3.8% in premarket trading on May 19.
- Currently, 37 of 45 analysts rate the stock a Strong Buy, with a mean price target of $146.26.