Not for the first time in the past few trading days, ServiceNow (NOW -0.01%) stock received a price target cut from an analyst tracking the company. Investors clearly took the move to heart, sending the shares to a slight (0.1%) loss in price on Monday. They were more positive on other stocks, as the bellwether S&P 500 (^GSPC 0.55%) ticked up by 0.6%.

Reducing and maintaining at the same time

The day's reduction came from Joel Fishbein of Truist Securities, who knocked $150 per share off his ServiceNow fair value assessment. It now stands at $950 per share. Meanwhile, the pundit maintained his hold recommendation on the stock.

Fishbein's cut was part of a broader analysis on the infrastructure and security software segments of the tech industry. According to reports, the analyst wrote that companies in these sector niches are trading lower due to uncertainty over policy decisions being made by the Trump administration.

As government clients are important in both segments, that uncertainty is weighing on them and leading to cuts in estimates, Fishbein added.

Second time's not the charm

That was the second price target chop in the past week. Last Wednesday, Fishbein's peer Rob Oliver of Baird made a comparable move, reducing his level to $1,010 per share from $1,200. Although he retained his existing outperform (buy, in other words) recommendation on ServiceNow, the cut didn't exactly boost sentiment on the company.

Personally, I lean more toward Oliver's bullish view than Fishbein's neutral stance. I think ServiceNow can absorb potential blows to its business from that top-down uncertainty, and believe it has a smart business that provides a firm foundation for potential growth.