ServiceNow price target lowered to $135 from $180 at Stifel

Stifel analyst Brad Reback lowered the firm’s price target on ServiceNow (NOW) to $135 from $180 and keeps a Buy rating on the shares. The tone of the firm’s system integrator checks “once again down-ticked modestly” quarter-over-quarter as several checks pointed to a seasonal rebuilding of pipelines after an aggressive year-end push, while data points to “a very weak” US-Fed spending environment, says the analyst, who calls the firm’s Q1 checks “somewhat lackluster.”