ServiceNow Stock Rises 7% After BofA Sets $130 Price Target
NOW•ServiceNow stock jumped 7% to $101.75 after BofA Global Research initiated coverage with a buy rating and $130 price target, signaling a 37% upside. The shares are on track for a third straight gain following a 17.7% post-earnings selloff, while short interest surged 64.7% to 4.78% of float.
1. BofA Coverage Initiation
BofA Global Research began coverage of ServiceNow with a buy rating and assigned a $130 price target, implying roughly 37% upside from the prior close. The firm cited ServiceNow’s deep integration in enterprise workflows and its ability to leverage AI as key drivers of future growth.
2. Stock Performance and Technicals
Following the upgrade, ServiceNow shares surged 7% to $101.75, aiming for a third consecutive daily gain. This rally marks a rebound from the April 23 post-earnings 17.7% selloff and brings the stock up toward its 60-day moving average.
3. Short Interest and Options Activity
Short interest in ServiceNow jumped 64.7% over the past month, now representing 4.78% of the float. Meanwhile, the 10-day call/put volume ratio hit 7.90—its annual high—suggesting significant call buying, potentially from shorts hedging their positions.
