ServiceNow shares are trading lower after Morgan Stanley downgraded the stock from Overweight to Equal-Weight, despite raising its price target from $900 to $960.
Portfolio Pulse from Benzinga Newsdesk
ServiceNow's stock is experiencing a decline following a downgrade by Morgan Stanley from Overweight to Equal-Weight, even though the price target was increased from $900 to $960.
October 21, 2024 | 1:15 pm
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ServiceNow's stock is trading lower after Morgan Stanley downgraded it from Overweight to Equal-Weight, although the price target was raised from $900 to $960.
The downgrade from Overweight to Equal-Weight by Morgan Stanley suggests a less bullish outlook on ServiceNow, which typically leads to a negative short-term impact on the stock price. The increase in price target to $960 indicates some positive long-term expectations, but the immediate market reaction is likely driven by the downgrade.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100