ServiceNow price target lowered to $970 from $1,200 at JPMorgan

JPMorgan analyst Mark Murphy lowered the firm’s price target on ServiceNow (NOW) to $970 from $1,200 and keeps an Overweight rating on the shares. The firm says its partner feedback has “stepped down again,” as it did in Q4. ServiceNow partner feedback signals a more sluggish environment on the horizon in the coming months and quarters, the analyst tells investors in a research note. JPMorgan cites the downward re-rating of peer group multiples for the target cut.