Morgan Stanley maintains ServiceNow (NOW.US) at "Overweight" but lowers price target: AI business momentum improving, but has yet to drive faster growth

Zhitong Finance APP has learned that Morgan Stanley released an in-depth research report on ServiceNow (NOW.US) for the third quarter on October 29, 2026. The core contradiction is that the company's AI commercialization data is impressive, but the AI dividend has not yet translated into an increase in overall business growth. The institution maintains an "Overweight" rating but has lowered its target price from $180 to $160; during the reporting period, the company's closing price was $150.13, with a market capitalization of $156.586 billion. It is judged that the stock price may fluctuate within a range in the short term, and it is necessary to see the core indicator cRPO return to acceleration in order to open up room for valuation upside.