ServiceNow price target raised to $1,100 from $900 at Jefferies

Jefferies raised the firm’s price target on ServiceNow to $1,100 from $900 and keeps a Buy rating on the shares as part of a Q3 earnings preview. The firm believes ServiceNow will report modest upside versus consensus for subscriber revenue and remaining performance obligation. The analyst expects updates on artificial intelligence and new product traction. Investors would also like clarity on the risks to the Federal business related to Carahsoft, the analyst tells investors in a research note. Jefferies anticipates a solid print, but expects a more muted stock reaction relative to last quarter given the stock’s valuation. ServiceNow remains its favorite large cap name.