ServiceNow price target lowered to $200 from $224 at Canaccord

Canaccord lowered the firm’s price target on ServiceNow (NOW) to $200 from $224 and keeps a Buy rating on the shares. The firm said it was a good quarter and Q4 results looked a lot like last quarter, if not a bit better, which we thought was pretty good at the time and sent the stock marginally higher. With the pullback in the shares since, bringing the stock to even more attractive valuation levels, we would have expected a more favorable reaction to these results,