Goldman puts ServiceNow on its conviction buy list, sees 50% rally in the software stock

Bill McDermott, CEO of ServiceNow.
Adam Jeffery | CNBC

ServiceNow's recent struggles should prove temporary as the company will soon resume its growth to become a major player in enterprise software, according to Goldman Sachs.

The investment firm added the stock to its conviction buy list, with analyst Kash Rangan saying in a note to clients on Thursday that the pandemic delivered a temporary hit to ServiceNow's customer base that should lift.