ATLASSIAN / SERVICENOW INC : Software Engineering and IT remain resilient. Recapping our week with NOW and TEAM.

Research evidence excerpt

ATLASSIAN / SERVICENOW INC : Software Engineering and IT remain resilient. Recapping our week with NOW and TEAM.

EQUITIES

SOFTWARE

ATLASSIAN OUTPERFORMPRICE* USD91.6  TARGET PRICE USD105 (UPSIDE 15%) TARGETunchangedPRICE EPS 06/27e-3% EPS 06/28e-3%

SERVICENOW INC OUTPERFORMPRICE* USD91.2  TARGET PRICE USD140 (UPSIDE 54%)

Software Engineering and IT remain resilient. Recapping our

week with NOW and TEAM.

TEAM and NOW revealed new tools last week addressing key AI adoption obstacles11 MAY 2026

Securities Research Report Governance and connectivity were top of the agenda last week at ServiceNow’s Knowledge 2026

Production time: 05:31* (London time) (see feedback) and Atlassian’s Team 2026 (see feedback) conferences. We attended both events

Research Analysts & Publishing Entities in person, speaking with management, investors, customers and employees. While impressed by

Stefan Slowinski AI’s potential, customers are facing implementation roadblocks. Agents have difficulty seamlessly

BNP Paribas London Branch accessing 1st and 3rd party systems, face constant approval barriers and can’t be given open access(+44) 203 430 8549

stefan.slowinski@uk.bnpparibas.com without risking data leaks. As such, customers were interested in announcements of new

governance/orchestration tools and open MCP/CLI connections which could help them over theseKeeler Patton

BNP Paribas Securities Corp1 hurdles. For example, some ServiceNow customers we spoke with were interested in bringing their

(+1) 646 342 6138 own compliance and regulatory standards like HIPPA, into the Now platform as AI guardrails.

keeler.patton@us.bnpparibas.com

Both Platforms opening up their data/context to 3P agents; interoperability a key necessityDaniel Wang