Bernstein SocGen Group analyst Peter Weed raised the price target on ServiceNow (NYSE: NOW) to $236.00 (from $226.00) while maintaining a Market Perform rating.

The analyst commented: "ServiceNow's Analyst Day on one hand added a bullish tailwind, putting out a base long term 2030 guidance they would INCREASE their Rule of 40 to 60+ (vs. 56 currently), with FCF margins implicitly rising ~900bps vs. ‘25, and SBC % of revenue drops to <10% by ‘29 (vs. ~15% today). Unfortunately, they also fed the bears who believe any level of deceleration is intolerable, as their 2030 subscription revenue target of $30B (vs. FY26 ~$15.75B guidance) suggested growth decelerates towards mid-teens. The bears also point to AI contribution rising to ~30% of ACV suggesting their “core” growth ex-AI will be <10% CAGR — bears don’t believe the AI contribution, and thus total revenue growth will collapse."