ServiceNow price target lowered to $460 from $510 at Canaccord

Canaccord analyst David Hynes lowered the firm’s price target on ServiceNow to $460 from $510 and keeps a Buy rating on the shares. The analyst noted management thinks there’s still a 5x opportunity in its base only with existing products. He said TAM is no barrier to growth here, which is important for a $7B+ revenue business.