2026ott
NOW Oct 2026 · Hold
We initiate coverage on ServiceNow Inc. At the September 30, 2026 share price of $134.01, the stock trades at a 9.6% premium to intrinsic value, representing an implied return of -8.8%. While ServiceNow's platform moat, 97.0% subscription revenue mix, and expanding AI capabilities remain best-in-class, prevailing valuation fully discounts near-term growth, leaving little margin of safety against potential enterprise IT spending friction or hyperscaler AI infrastructure cost pressures,.Latest published research · analyzed 2026-10-02 · current · sources aging