Morgan Stanley maintains "Overweight" rating on ServiceNow (NOW.US) but lowers target price: AI business momentum improves, yet hasn't accelerated growth.

Golden Ten Data APP has learned that on October 29, 2026, Morgan Stanley released an in-depth Q3 research report on ServiceNow (NOW.US). The main issue highlighted is that while the company's AI commercialization data is impressive, the AI dividend has yet to translate into overall business growth acceleration. The institution maintains an "Overweight" rating but lowers the 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 anticipated that the stock price may fluctuate within a range in the short term, and a rebound in the core cRPO indicator is needed to open up more upside for valuation.