ServiceNow price target lowered to $1,250 from $1,300 at Jefferies

Jefferies lowered the firm’s price target on ServiceNow (NOW) to $1,250 from $1,300 and keeps a Buy rating on the shares. The firm expects short-term weakness as expectations reset after the company posted “skinny beats” on constant currency sub revenue and cRPO, but adds that its long-term thesis remains intact.