Deutsche Bank analyst Brad Zelnick lowered the firm’s price target on ServiceNow to $525 from $625 and keeps a Buy rating on the shares. The analyst expects 2023 to be another volatile year for software stocks with investors seeking confirmation of a bottom as fundamentals "likely deteriorate further." The firm prefers earlier cycle names within software for 2023 over later ones, and tells investors to "selectively begin picking away at quality growth."
Published first on TheFly
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