WFC analyst Michael Turin cuts target to $550 from $600 and maintains an overweight rating on potential near-term risks as a result of FX headwinds and a weak spending environment in Europe as roughly 1/3 of the business is coming from another country.
Cowen analyst Derrick Wood lowered the target to $595 from $695 and maintained an outperform rating as the analyst previewed its quarter and suspected some isolated deal slippage as his checks remain highly supportive of the broader which are demand conditions for FY22.
Last week, Citi analyst Tyler Radke cut the PT to $600 from $656 and maintains a buy rating on the currency’s incremental headwinds. “While the stock’s negative reaction last week suggests the set-up may be more de-risked, we struggle to see how this turns positive on the downside risk in the reported estimates,” Radke said.
Bernstein initiated coverage with an Outperform rating and a $646 PT. The analyst said ServiceNow delivered one of the strongest 30%+ growth in 30%+ Free Cash Flow stories in Cloud SaaS. The analyst expects subscription revenue in FY24 to grow to $12.3B, which would be 10% above consensus.
RBC Capital cuts PT to $610 from $670 and maintains outperform rating.