ServiceNow price target raised to $640 from $600 at Stifel

Stifel analyst Brad Reback raised the firm’s price target on ServiceNow to $640 from $600 and keeps a Buy rating on the shares after what the firm calls “a strong quarter.” Shares traded-off marginally after-hours as the Q3 cRPO guidance of 21.5% constant currency growth implies a 250 basis point sequential deceleration despite an easier year-over-year comp, but this reflects management maintaining “a prudent guidance posture” and the firm remain buyers of the shares.