NOW
Same love, smaller number
RBC just shaved its price target on ServiceNow to $121 from $150, but didn’t rip up the whole thesis. It kept an Outperform rating, which is analyst-speak for: “We’re still in, just not with the same swagger.”
Why you should care
Price-target cuts can be a soft warning shot. They don’t always mean disaster, but they do tell you the upside story got a little less punchy. And when a heavyweight software name like ServiceNow gets a target reset, traders tend to notice.
The fine print
Here’s the vibe in plain English:
- RBC is still bullish on the stock
- But it thinks the path to the old target looked a lot prettier than the current setup
- ServiceNow’s shares have already been under pressure, so this is more “cooling expectations” than “calling the cops”
Big picture
ServiceNow is still the kind of company Wall Street loves to frame as mission-critical software glue. But even the best darlings get their halos adjusted when the market decides to be a little less generous. The takeaway for you: the bull case survived, but the valuation runway just got a bit shorter.