** J.P. Morgan cuts PT on digital workflow company ServiceNow NOW.N to $1,200 from $1,250, citing growth moderation and deceleration in billings
** Brokerage says both billings and cRPO growth have decelerated materially from the ~30%+ level in 2021; cRPO refers to Current Remaining Performance Obligations, a metric used to track future revenue
** Says growth in IT workflows may moderate
** "A continued deceleration in the year-over-year billings and cRPO growth rate, whether due to underlying fundamental challenges or invoicing optics, could provide a headwind for shares of NOW," brokerage says
** New PT is 24% higher than stock's last close
** Thirty-eight of 44 brokerages rate stock "buy" or higher, 6 "hold"; median PT is $1,200 - data compiled by LSEG
** Stock is down 9.7% YTD, including session moves; it rose 50% in 2024
(Reporting by Ateev Bhandari in Bengaluru)
((Ateev.Bhandari@thomsonreuters.com;))
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