ServiceNow, Inc. (NYSE:NOW) stock is rallying in early Tuesday trading, continuing a sharp recovery from its year-to-date lows. Traders are watching the enterprise software provider as a wave of positive catalysts shifts momentum back into the sector.
Tuesday’s rally appears to be largely driven by renewed Wall Street optimism. On Monday, Bank of America Securities analyst Tal Liani reinstated coverage on ServiceNow with a buy rating and announced a $130 price forecast.
Growth Capital Rotates Back Into Enterprise Software
Market dynamics are also working in favor of the cloud platform. Investors are currently rotating out of high-flying semiconductor stocks and channeling capital into beaten-down enterprise software names.
Peers like Salesforce, Inc. (NYSE:CRM) and Workday, Inc. (NASDAQ:WDAY) are finding renewed interest alongside ServiceNow after …
This post was originally published here
