ServiceNow price target lowered to $586 from $641 at Bernstein

Bernstein analyst Peter Weed lowered the firm’s price target on ServiceNow to $586 from $641 and keeps an Outperform rating on the shares. The firm notes ServiceNow beat on most dimensions of its Q4 guide, and offered 2023 revenue guide on consensus’ conservative end, while detailing why that was derisked and a floor. Yet it missed with the metric closely watched by many analysts, namely cRPO growth, Bernstein says.