Morgan Stanley ‘even more convinced’ in conservatism of ServiceNow targets

Morgan Stanley contends that ServiceNow’s analyst day “well illustrated the core of the long-term investment thesis” and the firm leaves the event “even more convinced of the conservatism” in the company’s medium-term FY26 subscription revenue target at $15B-plus. While investors may be disappointed by the lack of upside to that unchanged target, the firm says the durability of a 25%-plus free cash flow growth is keeping it “firmly” Overweight with a $830 price target on ServiceNow shares.