ServiceNow shares could give back recent gains, says Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on ServiceNow to $495 from $496 and keeps an Overweight rating on the shares. While the company’s Q4 results and guidance "were healthy," they may not be good enough to allow much share follow through, especially as ServiceNow came in below its own underlying revenue performance obligation growth guidance, the analyst tells investors in a research note. The stock could give back some of its recent gains in the short-term, but longer-term, the story "remains very much intact," the firm contends.