ServiceNow price target lowered to $475 from $500 at Baird

Baird analyst Rob Oliver lowered the firm’s price target on ServiceNow to $475 from $500 and keeps a Neutral rating on the shares. The analyst noted the company presented at several competitor conferences and said he now feels they are well positioned despite macro pressures. He trimmed his 2023 estimates to reflect macro weakness, and introduced 2024 estimates mildly below consensus but said he is warming to shares.