ServiceNow price target raised to $646 from $559 at Barclays

Barclays raised the firm’s price target on ServiceNow to $646 from $559 and keeps an Overweight rating on the shares. The Q2 results for software names “will not be a major catalyst” given that Q2 is the last quarter of tough compares and is also one of the last quarters in which cloud optimizations should be visible at “full force,” the analyst tells investors in a research note. However, Q3 guidance and implied Q4 guidance “could be more interesting” as Barclays’ reseller survey shows a potential uptick for the second half of the year, the firm says.