NOW

AI Research

BNP Paribas upgrade to Outperform $140 + 20% subscriber growth → NOW -23% YTD recovery play

ServiceNow received an upgrade from BNP Paribas to Outperform with a $140 price target (post-split adjusted), citing the company's strong positioning in enterprise AI workflow automation with 20% subscriber growth expected over the next 12 months. The stock has declined 23% year-to-date amid broader software sector valuation compression, but analysts broadly maintain positive ratings as the company's Now Platform increasingly becomes mission-critical for large enterprise IT operations. Key risks include intensifying competition from Microsoft Copilot in IT service management and potential budget tightening by large enterprise customers in an uncertain macroeconomic environment.