ServiceNow price target lowered to $120 from $125 at Truist

Truist lowered the firm’s price target on ServiceNow (NOW) to $120 from $125 and keeps a Buy rating on the shares. The company’s earnings beat but reiterated guidance on organic subscription revenue are leaving investors wanting more, the analyst tells investors in a research note. With heightened scrutiny on software vendors as frontier labs ramp enterprise revenue, the penalty for missteps becomes more severe, the firm added, noting however that it continues to believe that ServiceNow has attractive positioning in the long-term build-out of enterprise AI.