As previously reported, Morgan Stanley downgraded ServiceNow (NOW) to Equal Weight from Overweight with a price target of $960, up from $900. Partner checks suggest stable demand, driven by healthy cross-sell activity and early Pro Plus excitement, and execution remains “encouraging,” the analyst tells investors. However, a lack of meaningful valuation upside, elevated expectations due to Pro Plus adoption, and recent leadership departures “balance the risk/reward,” the analyst contends.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
