ServiceNow price target lowered to $575 from $600 at Credit Suisse

Credit Suisse analyst Sami Badri lowered the firm’s price target on ServiceNow to $575 from $600 and keeps an Outperform rating on the shares following the Q4 results. Subscription revenue for the quarter was above consensus expectations, while 2023 guidance was "solid" but "conservative," the analyst tells investors in a research note. ServiceNow’s broad applicability and deep understanding of automation, management, and enterprise workflows offer a long runway for organic growth as a "platform-of-platforms," Credit Suisse contends.