** 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;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.