Why ServiceNow Stock Is Gaining Today
ServiceNow (NYSE: NOW) stock is moving higher in Tuesday's trading. The software specialist's share price was up 1.9% as of 2:30 p.m. ET, and been up as much as 3.1% earlier in the day.Two investment firms updated their valuation forecasts for ServiceNow today and lowered their respective price targets on the stock. But despite the downward forecast revisions, investors are buying shares because the new targets still suggest significant upside potential.In new coverage issued before the market opened today, Oppenheimer lowered its price target on ServiceNow stock from $1,200 per share to $970 per share. The firm's analysts expect the business to post solid Q1 reports that have the potential to beat Wall Street's expectations, but they see macroeconomic and geopolitical risk factors leading to weaker demand in the enterprise software market.Continue reading
ServiceNow (NYSE: NOW) stock is moving higher in Tuesday's trading. The software specialist's share price was up 1.9% as of 2:30 p.m. ET, and been up as much as 3.1% earlier in the day.
Two investment firms updated their valuation forecasts for ServiceNow today and lowered their respective price targets on the stock. But despite the downward forecast revisions, investors are buying shares because the new targets still suggest significant upside potential.
In new coverage issued before the market opened today, Oppenheimer lowered its price target on ServiceNow stock from $1,200 per share to $970 per share. The firm's analysts expect the business to post solid Q1 reports that have the potential to beat Wall Street's expectations, but they see macroeconomic and geopolitical risk factors leading to weaker demand in the enterprise software market.
