KeyBanc analyst Jackson Ader downgraded ServiceNow (NOW) to Underweight from Sector Weight with a $775 price target The firm adjusted ratings in the enterprise software as part of its 2026 outlook. The firm has has a preference for small- and mid-cap software over large-caps heading into next year. There are signals in the IT back-office employment data that raise the likelihood that the “death of softeware-as-a-service” narrative could come for ServiceNow in 2026, the analyst tells investors in a research note.
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