- Shares of ServiceNow (NOW) recently received a $600 price target from Citi. These are the details.
Shares of ServiceNow (NOW) recently received a $600 price target from Citi. And Citi analyst Tyler Radke maintains a “Buy” rating on the shares.
Radke adjusted the rating following the company’s CEO’s recent cautious appearances in the media. And Radke talked to four big ServiceNow partners.
From the talks, Radke saw signs of deal slippage in the second quarter even though confidence in full-year pipelines was still relatively high. And Radke cut estimates for the second quarter and factored in incremental currency headwinds.
Further, Radke pointed out that the stock’s recent negative reaction suggests that the setup may be more de-risked. But Radke has trouble seeing how this turns out to be a positive with a downside risk in the reported estimates.