ServiceNow: Leadership and agentic AI opportunity prompts a Buy; reinstating with $130 PO

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ServiceNow: Leadership and agentic AI opportunity prompts a Buy; reinstating with $130 PO

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ServiceNow

Leadership and agentic AI opportunity

prompts a Buy; reinstating with $130 PO

Reinstating Coverage: BUY | PO: 130.00 USD | Price: 95.07 USD

More than embedded; foundational to enterprise workflows 18 May 2026

We are reinstating coverage of ServiceNow with a Buy rating and a $130 PO, based on Equity

19x CY27E EV/FCF, following a ~38% decline in the stock price YTD. While AI is

disrupting the software landscape, we think NOW stands to benefit from, rather than be Tal Liani Research Analyst

replaced by, new AI solutions. The starting point is strong, with the company occupying a BofAS

deeply embedded mission-critical position within enterprise workflows, serving as the +1tal.liani@bofa.com646 855 5107

system that governs, routes, approves, and audits activity across organizations, making Eden Vacnich

the displacement costly and complex. Research Analyst

BofAS

+1 646 855 1971

eden.vacnich@bofa.comLeading position could turn Agentic AI cycle into growth

We believe ServiceNow’s depth and breadth of workflow entrenchment uniquely position Kevin Niederpruem

Research Analyst

it to benefit from any deployment of autonomous agents across IT, employee, and BofAS

customer workflows. Such deployments would elevate the need for orchestration, +1 646 855-1540

kevin.niederpruem@bofa.com

permissions, approvals, policy enforcement and auditability, aligning directly with

ServiceNow’s core capabilities and making it the orchestration layer in an AI-driven

cycle. Further, rather than being disintermediated by AI solutions, we see the company

capturing incremental value as AI adoption scales: AI Control Tower defines the strategic Stock Data