Guggenheim raised the firm’s price target on ServiceNow (NOW) to $724 from $716 and keeps a Sell rating on the shares. ServiceNow Q1 results were “largely in line on the surface,” though there are “signs of challenges under the covers” in a quarter where the firm didn’t expect to see “much disruption from geopolitical factors for anyone … at least not yet,” the analyst tells investors. Guidance was lowered more than first appears and the firm believes “material risk remains for a company that has showed signs of softness in 4 of the last 5 Qs, regardless of commentary about assumptions (mis)characterized as prudent,” the analyst added.
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