Bernstein SocGen Group analyst Peter Weed reiterated an Outperform rating and $236.00 price target on ServiceNow (NYSE: NOW).

The analyst commented: "Buy it NOW: Not only is ServiceNow the least expensive mid/large cap software stock (when P to NTM FCF minus SBC is compared vs. 3-year growth CAGR — Exhibit 7), but we continue to see a favorable setup for ServiceNow into 2H26 as the company begins to lap easier comps from last year, when its federal business faced disruption from DOGErelated scrutiny and government shutdown dynamics. Assuming a more normalized federal spending environment this year, we see a potential tailwind to growth in Q3 and Q4, complemented by continued AI-driven demand. Adoption of Now Assist has steadily increased over the past year, and we expect usage expansion to accelerate as customers move from pilot programs to broader deployments and realize tangible ROI — this could start to add some small, but narrative benefitting consumption revenue expansion (we expect in the mid $10s-of-millions in H2). We maintain our Outperform rating and $236 price target."

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Shares of ServiceNow closed at $98.34 yesterday.