ServiceNow price target raised to $870 from $765 at Barclays

Barclays analyst Raimo Lenschow raised the firm’s price target on ServiceNow to $870 from $765 and keeps an Overweight rating on the shares. The analyst sees solid Q4 results for U.S. software but highlights the firm’s macro survey still shows ongoing headwinds. Given the backdrop of more optimistic investors and likely conservative guidance for the new fiscal year from many vendors, “we could get limited share price reactions,” the analyst tells investors in a research note.