ServiceNow price target raised to $1,100 from $970 at Oppenheimer

Oppenheimer raised the firm’s price target on ServiceNow (NOW) to $1,100 from $970 and keeps an Outperform rating on the shares. The firm says Monday’s investor meeting provided a $1B AI ACV target for 2026 and a faster free cash flow margin growth target for 2027, reaffirmed near-term guidance, and enhanced transparency of the installed-base monetization, the AI business and Public Sector momentum, other financials updates, and new products. The meeting bolstered Oppenheimer’s confidence in ServiceNow’s ability to be a good fundamentals compounder, exceed its $15B subscription revenue target for 2026, and grow profit margins.