Bernstein Raises ServiceNow Price Target to $248 After Q2 Beat While UBS Stays Cautious on Demand

After ServiceNow (NOW) beat and raised guidance in its Q2 earnings, Bernstein raised its price target to $248 on Wednesday, calling the quarter "much-needed relief," while UBS maintained a cautious stance with a $110 target, citing "mixed" underlying demand. JPMorgan also increased its target to $150 and said the results "eased concerns on software companies" broadly. Baird and Evercore ISI likewise raised their targets to $125 and $160 respectively.

Despite the positive analyst revisions, NOW stock declined 1.3% in midday trading amid a broader tech selloff. Retail sentiment on Stocktwits shifted to "extremely bullish" with message volume surging over 700% in 24 hours, signaling retail optimism despite the near-term price weakness.