UBS last night downgraded ServiceNow (NOW) to Neutral from Buy with a price target of $100, down from $170. The firm is no longer confidence that ServiceNow is better positioned for the AI era relative to other application software names. UBS is also hearing more anecdotes of non-AI apps software budget pressure, the analyst tells investors in a research note. The firm expects “skinnier-than-normal” beats in the coming quarters for ServiceNow and more limited upside to the guidance.
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