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Research Daily

Sheraz Mian

Top Research Reports for ServiceNow, Progressive & Analog Devices


Trades from $3

Thursday, April 11, 2024

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 12 major stocks, including ServiceNow, Inc. (NOW), The Progressive Corporation (PGR) and Analog Devices, Inc. (ADI). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

Shares of ServiceNow have outperformed the Zacks Computers - IT Services industry over the past year (+62.4% vs. +46%). The company has been benefiting from the rising adoption of its workflows by enterprises undergoing digital transformation. ServiceNow had 1897 total customers with more than $1 million in annual contract value at the end of the fourth quarter.

ServiceNow has been benefiting from the rising adoption of its workflows by enterprises undergoing digital transformation. Security and risk had a terrific quarter with 12 of the top 20 deals, out of which nine deals were more than $1 million. Customer, Employee and Creator workflows each had double-digit deals over $1 million.

It is benefiting from strong demand for its generative AI-powered solutions with the launch of Vancouver. Nevertheless, ServiceNow is suffering from high inflation, stiff competition, and challenging macro-economic environment.

(You can read the full research report on ServiceNow here >>>)

Progressive shares have outperformed the Zacks Insurance - Property and Casualty industry over the past year (+38.4% vs. +30.1%). The company continues to gain on higher premiums, given its compelling product portfolio, leadership position and strength in both Vehicle and Property businesses.

Focus on becoming a one-stop insurance destination, catering to customers opting for a combination of home and auto insurance, augurs well for the company's growth. Policies in force and retention ratio should remain healthy. Competitive pricing to retain current customers and address customer needs with new offerings should continue to drive policy life expectancy.

However, exposure to catastrophe losses induces underwriting volatility. Escalating expenses due to higher losses and settlement expenses remain an overhang on the margin. High debt level along with low times earned interest pose financial risk.

(You can read the full research report on Progressive here >>>)

Shares of Analog Devices have gained +0.4% over the year-to-date period against the Zacks Semiconductor - Analog and Mixed industry’s gain of +3.3%. The company is benefiting from strong momentum across the automotive end market. Strength across the electric vehicle space on the back of Analog Devices’ robust Battery Management System solutions remains a tailwind.

The solid momentum of the HEV platform across the cabin electronics ecosystem is a positive. Additionally, increasing power design wins is another positive. However, softness in the consumer end market is a headwind. A weak demand environment is a major concern.

The sluggish communications market, due to the broad-based inventory corrections, is a major negative. Broad-based weakness in the industrial end-market remains a headwind. The ongoing inventory correction is expected to be a headwind for the company in the near term.

(You can read the full research report on Analog Devices here >>>)

Other noteworthy reports we are featuring today include The Southern Company (SO), Altria Group, Inc. (MO) and Welltower Inc. (WELL).

Director of Research

Sheraz Mian

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

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