ServiceNow price target raised to $1,200 from $1,000 at Canaccord

Canaccord raised the firm’s price target on ServiceNow (NOW) to $1,200 from $1,000 and keeps a Buy rating on the shares after meeting with management. The key takeaway here was management’s confidence in the durability of the company’s growth, the analyst tells investors in a research note. The firm says ServiceNow shares are expensive, “but it’s probably the best fundamentally positioned in our coverage, so it’s one that you need to own and buy on pullbacks.”