Stocks
ServiceNow Price Target Cut by Citigroup Amid IBM Earnings Miss
Citigroup analyst Tyler Radke has maintained a Buy rating on ServiceNow (NYSE: NOW) while lowering its price target to $156 from $158. This slight adjustment reflects updated market conditions and company-specific factors.
The decision to retain the Buy rating indicates continued confidence in ServiceNow's long-term growth prospects, despite some concerns over recent earnings results.
ServiceNow shares fell 7.96% to $102.40 on Tuesday after IBM reported preliminary Q2 results that missed analyst expectations. The decline in ServiceNow's stock price highlights the sensitivity of its shares to sentiment surrounding its partner, IBM.