Why AI Stock ServiceNow Got Thumped on Thursday

For the second time in as many days, ServiceNow (NYSE: NOW) was hit with an analyst price target cut on Thursday. That quick one-two blow leeched sentiment on the next-generation business process solutions developer, and its share price fell by more than 3%. The S&P 500 (SNPINDEX: ^GSPC), meanwhile, landed in positive territory with a slight (0.1%) gain.The Thursday cut was delivered by Deutsche Bank's Brad Zelnick. He reduced his fair-value assessment of ServiceNow's equity to $1,050 per share, quite some distance from his former $1,300. He's not giving up on the company just yet, though, as he maintained his buy recommendation on the stock. Uncomfortably, news of this came less than 24 hours after Zelnick's peer Derrick Wood of TD Cowen made a nearly identical move. Wood, who also previously felt ServiceNow could rise to $1,300 per share, cut his level to $1,100. And like the Deutsche Bank analyst, he kept his buy recommendation intact. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool