[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciobbf8b8ed":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciobbf8b8ed","投行Stifel警示ServiceNow(NOW)联邦业务正急速冷却-目标价从180美元降至135美元","\u002Fdoc\u002Fdciobbf8b8ed","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，随着2026年第一季度财报季的临近，华尔街投行Stifel近日发布研报，显著下调了软件巨头ServiceNow(NOW)的目标股价，将其从原先的180美元调降至135美元。这一调整的核心逻辑在于分析师观察到美国联邦政府层面的软件支出出现了超预期的疲软迹象，直接冲击了ServiceNow这一关键收入来源。尽管目标价大幅缩水，Stifel仍保留了对其“买入”的投资评级，认为当前的阵痛更多源于宏观环境的剧烈变动，而非公司核心竞争力的丧失。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">回顾这一变动的深层背景，美国联邦政府业务曾是ServiceNow强劲增长的引擎，去年同期该板块甚至实现了约30%的爆发式增长。然而，进入2026年后，新成立的政府效率部(DOGE)开始执行严厉的开支削减和合同重组计划，旨在精简各机构的运营支出。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">这种政策层面的转向导致大量原定的软件采购项目被推迟或取消，直接拖累了ServiceNow在第一季度的业绩表现。Stifel的调研显示，这种“联邦业务的急速冷却”不仅是受季节性因素影响，更是受政策重塑驱动的结构性下滑。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Stifel分析师布拉德·里巴克团队在研报中指出\"基于我们分析的数据(国防部数据因滞后数月未纳入)，联邦业务同比大幅下滑，而去年同期基数强劲(同比增长30%)，这可能比管理层最初指引更差。\"\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">在具体的财务预期方面，Stifel指出ServiceNow在第一季度的当前剩余履约义务(cRPO)增长可能仅略微超出公司官方指引约50个基点(低于上季约100个基点的有机增长空间)，对应约20.5%的同比恒定汇率增速(低于20%的指引)。\"考虑到管理层指引包含Moveworks约100个基点的非有机贡献，我们预估cRPO有机增速约19.5%。\"\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">特别值得关注的是，一项涉及1500万美元的“延期辞职计划”相关合同出现了取消(de-obligation)，这一单笔减记虽然可能已部分计入管理层的预期，但其反映出的政府客户支出审慎态度令市场感到不安。分析认为，由于联邦政府正在重新评估各类技术服务协议，ServiceNow短期内的订单转化效率将面临严峻考验。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">据了解，ServiceNow预计将于4月22日(周三)美股收盘后公布其 2026财年第一季度(截至2026年3月31日)的财务业绩。市场共识预期调整后每股收益0.97美元，GAAP每股收益0.53美元，营收37.5亿美元。公司此前给出的第一季度营收指引为36.5亿-36.55亿美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">从市场反应来看，尽管ServiceNow已连续三个季度实现营收超20%增长，但但其股价仍持续承压，该公司股价在过去半年内已累计下跌约43%，持续徘徊在52周低点附近，反映了投资者对SaaS(软件即服务)领域增长失速的普遍担忧。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">除了Stifel，富国银行等主流机构近期也纷纷下调其目标价，一致指出政府端预算收紧是短期内无法回避的风险点。尽管如此，市场仍寄希望于即将于4月22日发布的正式财报，期待管理层能就AI新产品(如Now Assist)在商业化进程上的突破，以及第二季度联邦业务能否触底反弹给出更明确的指引。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FN\u002FNOW\u002FNOW.jpg","2026-04-03T12:50:09","2026.04.03","2026\u002F04\u002F03",44236,[22],"NOW","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":68,"summaryHtml":73,"aboutTitle":74,"aboutHtml":75,"copyrightHtml":76},[44,47,50,53,56,59,62,65],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fplan",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":60,"url":61},"美股课程","\u002Fcol\u002Fvideos",{"label":63,"url":64},"免责声明","\u002Fdisclaimer",{"label":66,"url":67},"联系我们","\u002FContactUs",[69,70,71,72],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]