ServiceNow price target lowered to $1,003 from $1,021 at Bernstein

Bernstein analyst Peter Weed lowered the firm’s price target on ServiceNow (NOW) to $1,003 from $1,021 and keeps an Outperform rating on the shares. The firm says ServiceNow’s Q1 earnings demonstrated its advantaged positioning in both strong and weak markets. While facing down recessionary worries and U.S. Federal revenue risks from DOGE, the company still delivered a 40 bps CC revenue beat vs. midpoint. Management seemed to put the market at ease by only slightly adjusting down their full year CC guide by over $35M, Bernstein adds.