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ServiceNow (NOW) stock fell 8% on Friday after UBS downgraded the company from Buy to Neutral, cutting its price target from $170 to $100.
The core concern is budget pressure.
There’s also a product-specific worry.
On the numbers side, UBS lowered its estimate of current remaining performance obligations growth to 16% from 20% as of the end of 2026.
It also flagged that revenue beats over the next few quarters are likely to be smaller than usual.
See analysts’ growth forecasts and price targets for ServiceNow stock (It’s free) >>>
ServiceNow stock had already been under pressure before Friday’s downgrade.
A 44% year-to-date drop reflects growing anxiety about whether enterprise software companies can hold their ground as AI reshapes how businesses spend on technology.
That said, UBS acknowledged there are positives.
The tension is real.
Whether that makes ServiceNow stock a buying opportunity or a value trap depends on how the AI budget picture develops in the months ahead.
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Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
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