ServiceNow price target lowered to $615 from $630 at BMO Capital

BMO Capital lowered the firm’s price target on ServiceNow to $615 from $630 but keeps an Outperform rating on the shares. Conversations with an experienced reseller for ServiceNow indicated that his business was in line with expectations established at the beginning of the year, though the firm still has some concerns about the outlook for December-quarter CRPO and lower enthusiasm for potential Plus SKUs impact in 2024, the analyst tells investors in a research note. The firm adds that longer term, ServiceNow will be able to sustain growth in its core ITSM market as well as drive growth in new product areas.