ServiceNow price target raised to $1,275 from $1,225 at Wells Fargo

Wells Fargo raised the firm’s price target on ServiceNow (NOW) to $1,275 from $1,225 and keeps an Overweight rating on the shares. The firm says that despite some noise on Fed deal timing/renewals, the company delivered a relatively clean Q3 with greater than usual upside and notable free cash flow margin expansion. Wells sees Q4 guidance as still set conservatively, setting ServiceNow up favorably into year end.