ServiceNow (NOW) PT Lowered to $175 at Oppenheimer

Oppenheimer analyst Brian Schwartz lowered the price target on ServiceNow (NYSE: NOW) to $175.00 (from $200.00) while maintaining a Outperform rating.

The analyst commented: "We see a favorable earnings setup for ServiceNow in 4Q25 with good performance and strong commentary amid low investor expectations. However, the stock sentiment faces challenges near term despite healthy fundamentals and AI trends. NOW is not a cheap stock and investors tend to lower multiples for software companies that embark on an M&A spree similar to ServiceNow in 4Q25. The company's acquisition spree raises concerns about the durability of fast subscription revenue growth and FCF. It also weighs on investors willingness to underwrite ServiceNow's future growth until management can prove out M&A deal synergies in future reports. Nevertheless, we expect strong 4Q25 results to support durable growth and a fast-growing, large AI business to help underpin NOW multiples. Lower PT to $175 (prior $200) on lower group multiples."

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