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BMO Capital analyst Keith Bachman lowered the price target on ServiceNow (NYSE: NOW ) to $430.00 (from $497.00) while maintaining an Outperform rating.
The analyst commented, “In what we expect to be a common occurrence in our coverage universe, we are reducing our estimates for NOW, for both incremental FX and underlying growth. We think NOW is remains in a very strong position within the global 5000. In other words, we reduce estimates due to expected deal delays/postponements and non-competitive forces including from TEAM. We maintain our Outperform rating even which reduces our price target to $430.”
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