Citi lowered the firm’s price target on ServiceNow to $700 from $734 and keeps a Buy rating on the shares. The analyst maintains a positive view heading on ServiceNow into the Q3 results after another solid quarter of partner checks, strong federal momentum and stabilizing IT budgets evidenced by Citi’s September chief investment officer survey. Despite incremental conviction the firm’s reported estimates largely stay unchanged as currency has moved to less of a tailwind. It cites updated regression for the target drop.
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