ServiceNow: I'm Doubling Down On Strong Buy - Cheaply Valued SaaS Winner

NOW's Agentic AI-driven growth is evidenced by the accelerating net new ACV, the higher cross-selling trends, and the expanding customer base. The Claude Mythos fears have triggered their robust Security and Risk monetization trends, with the underpenetrated segment implying further cross-selling opportunities. The prior meltdown/ongoing consolidation has contributed to NOW's cheap P/E of 22.62x while offering more than doubling upside potential to my LTPT of $215.30. Debt/elevated SBC ratio poses risks, albeit the multi-year growth guidance and technical support suggest significant upside for patient investors. NOW remains a Strong Buy here, with the SaaS sector likely to be a downstream winner of the hyperscalers' growing capacity and the Enterprises' higher Agentic AI adoption. I previously rated ServiceNow, Inc. as a Strong Buy in April 2026, with the prior selloff triggering the discounted valuations and the more than doubling upside potential to my bull-case price target.