KeyBanc initiated coverage of ServiceNow with an Overweight rating and $1,000 price target, citing a belief it is “the best platform play in a sector that continues to search for platforms.” ServiceNow is an early leader in AI monetization, pricing its Pro-plus SKU at a 60% premium to the Pro SKU list price for AI capabilities with NOW Assist, says the analyst, who adds that the company’s history of successful pricing and packaging rollouts gives it more confidence in ServiceNow’s ability to monetize AI than many of its large cap peers.
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