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Stifel analyst Brad Reback lowered the firm's price target on ServiceNow to $550 from $650 and keeps a Buy rating on the shares after having attended ServiceNow's analyst day ahead of its annual user conference. At the event, management updated their long term model, increasing their FY24 and FY26 subscription revenue targets by $1B each, to $11B and $16B, respectively, and noted that they expect to reach these growth levels organically, said Reback. Though he views these targets as "very achievable" and expects that ServiceNow's expanding platform, growing pipeline, and large deal momentum should enable the company to maintain 20%-plus revenue growth and significant margin expansion, he cites "ongoing market turmoil and multiple compression" for a lower target for the shares.

Mizuho analyst Gregg Moskowitz lowered the firm's price target on ServiceNow to $550 from $650 and keeps a Buy rating on the shares post the analyst day. The company expressed bullishness on its growth prospects and is now targeting $11B of subscription revenue by 2024, Moskowitz tells investors in a research note. The analyst sees continued high growth over the course of the next few years for ServiceNow but cut the price target given the material recent contraction in comp multiples.

Piper Sandler analyst Rob Owens lowered the firm's price target on ServiceNow to $600 from $650 and keeps an Overweight rating on the shares. The analyst says the company's analyst day refreshed his perspective on its underlying digital transformation tailwinds. He cut the price target to reflect multiple compression.