Analyst Note
| Dan Romanoff, CPA |Wide-moat ServiceNow had a great story to tell at its investor day, focusing on product innovation, its emphasis on being a platform company, and growth. Spoiler alert—the company also raised its 2026 subscription revenue target to more than $16 billion, from $15 billion previously. Despite the increased outlook, we were already estimating $15.6 billion in revenue and are not ready to raise our long-term outlook in the face of mounting macro pressures. Still, we are maintaining our fair value estimate of $700 per share. Given the profound selloff in software stocks and an upside bias to our forecast, we see shares as attractive.