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."
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