BNP Paribas Upgrades ServiceNow to Outperform, Adjusts Price Target

BNP Paribas Exane and BNP Paribas adjusted their stock rating for ServiceNow, upgrading it to Outperform and changing their price target. The changes follow a 23% year-to-date sell-off for ServiceNow stock, according to Seeking Alpha.

BNP Paribas analyst Stefan Slowinski upgraded NOW to Outperform from Neutral and raised the price target to $140 from $120, citing ServiceNow as one of the few enterprise software names that "checks all three boxes" — core business stability, credible AI monetization, and quality margins with stock-based compensation under control. BNP Paribas Exane separately reiterated an Outperform rating, reinforcing the bullish thesis.

The upgrade arrives after a punishing 23% year-to-date selloff that has left ServiceNow trading near its lowest levels of 2026. Slowinski expects approximately 20% subscriber organic revenue growth by the end of fiscal 2026, driven in part by ServiceNow's expanding suite of Agentic AI features for enterprise workflow automation. The contrarian "buy the dip" call reflects growing conviction that the selloff has been overdone given ServiceNow's durable revenue streams.

The timing is notable given that ServiceNow CEO Bill McDermott made headlines the same week warning that AI could push graduate unemployment above 30% — a statement that highlights the very AI disruption ServiceNow is monetizing through its platform. Microsoft Copilot and Salesforce Agentforce remain key competitive threats in the enterprise workflow automation space .