RBC Capital analysts provided their key takeaways from ServiceNow, Inc. (NYSE:NOW) Analyst Day, noting they walked away incrementally bullish about the company’s large and growing opportunity to consolidate not just IT spend, but broader enterprise spend on a single platform, helping customers reduce costs and streamline operations.

Specifically, the analysts liked to see 2024 and 2026 revenue guidance as well as 2024 profitability guidance move higher vs. management's prior estimates.

Subscription revenue guidance moves higher to $11 billion or more in 2024 and $16 billion or more in 2026 vs. $10 billion+ and $15 billion+ respectively as per last year's analyst day.

The analysts said they continue to believe the company remains well-positioned to drive durable organic long-term growth and profitability driven by secular tailwinds around digital transformations. The analysts maintained their outperform rating and $670 price target on the company’s shares.