NOW
Baird hits the brakes
Robert W. Baird took a big swing at ServiceNow’s price target, chopping it from $175 to $125 in a note published Thursday. That’s not exactly the kind of haircut bulls were hoping for, even if the firm kept its Outperform rating intact.
Still a fan, just a less enthusiastic one
This is the classic Wall Street move: “We still like the stock… just not that much.” A $125 target still implies upside from recent trading levels, but it also signals that Baird has dialed back its expectations in a meaningful way.
Why you should care
ServiceNow has been one of the market’s favorite enterprise software names, so when analysts trim targets, people notice. The stock can absolutely keep moving on growth and AI buzz, but a lower target can cool some of the narrative heat and remind investors that valuation isn’t a one-way elevator.
The bigger picture
ServiceNow is getting the full analyst-treatment right now: plenty of firms still like the business, but several are clearly reworking their assumptions. In other words, the Street isn’t turning bearish — it’s just becoming a lot more picky.
Big picture: the bull case is still alive, but it’s wearing a slightly more skeptical expression.