Is ServiceNow Stock a Top Buy for 2023?
Despite continued expansion in the face of a global economic slowdown, ServiceNow (NYSE: NOW) has seen its stock get beaten down hard by the bear market of 2022. Shares are down 38% with just days left until 2023, losing badly to both the S&P 500 and the tech-heavy Nasdaq Composite.
Could things get better in 2023? Perhaps. Research company Gartner predicts that cloud revenue will grow roughly 21% in 2023 to nearly $592 billion -- recession or not. That bodes well for ServiceNow and its category-leading platform for IT service management. But before buying this steep dip in the stock, here are a few points to consider.
Much like other cloud stocks, ServiceNow has all the makings of a great long-term investment. It has, in fact, done right by shareholders so far -- up until this past year, anyway. Over the last decade, the stock is up over 1,000%.
Source Fool.com
