Mizuho lowered the firm’s price target on ServiceNow (NOW) to $1,100 from $1,210 and keeps an Outperform rating on the shares after the company announced it is acquiring Moveworks for $2.85B. The transaction will further improve ServiceNow’s artificial intelligence monetization by exposing Moveworks’ enterprise-grade search offering to its “significant” installed base, the analyst tells investors in a research note. The firm says Moveworks is an “attractive asset” that improves ServiceNow’s “already industry-leading” AI positioning. Mizuho cites recent comp multiple compression for the target cut.
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Read More on NOW:
- ServiceNow’s Strategic Acquisition of Moveworks Boosts Growth Potential and Justifies Buy Rating
- ServiceNow price target lowered to $986 from $1,210 at RBC Capital
- ServiceNow price target lowered to $1,000 from $1,250 at UBS
- ServiceNow’s (NOW) $2.85B Moveworks Deal Sparks Mixed Analyst Reactions
- ServiceNow’s takeover of Moveworks ‘clearly an acquihire,’ says BofA
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