ServiceNow dips; TD Cowen cuts PT on acquisition concerns

Software provider ServiceNow's NOW.N shares fall 1.4% to $152.20

TD Cowen cuts PT to $230 from $250, still an upside of 49% to stock's last close

Brokerage concerned about "NOW moving away from just tuck-ins to large M&A w/ beefy valuations, which questions health of organic growth & new integration risks"

On Tuesday, NOW agreed to buy cybersecurity startup Armis for $7.75 bln

Avg rating of 47 analysts is "buy;" their median PT is $230 - data compiled by LSEG

Up to last close, stock has fallen 27.2% this year