ServiceNow (NOW) PT Lowered to $430 at BMO Capital

BMO Capital analyst Keith Bachman lowered the price target on ServiceNow (NYSE: NOW) to $430.00 (from $497.00) while maintaining an Outperform rating.

The analyst commented, "In what we expect to be a common occurrence across our coverage universe, we are trimming our estimates for NOW, for both incremental FX and underlying growth. We think NOW remains in a very strong position within the global 5000. In other words, we are reducing estimates due to anticipated deal delays/postponement and not competitive forces including from TEAM. We retain our Outperform rating though reduce our target price to $430."

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