Guggenheim downgraded ServiceNow to Neutral from Buy without a price target. The stock has had a great run, up 110% since October of 2022, and trades at a relatively rich valuation, the analyst tells investors in a research note. The firm says the current valuation leaves “little room for hiccups,” which could happen over the next few quarters. The numerical setup for Q1 looks challenging and there seems to be little upside potential for the year, contends Guggenheim.
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