Oppenheimer cuts ServiceNow PT as M&A concerns grow

Oppenheimer trims PT on ServiceNow NOW.N to $200 from $230, still a 40.2% upside to stock's last close

Says stock may face near-term pressure because investors often assign lower valuations to software cos that go on a M&A spree

Adds NOW's deal spree stokes concerns about organic subscription growth and free cash flow; will likely weigh on NOW's multiples until it shows Moveworks and Armis deal synergies in 2026 quarterly reports

43 of 47 brokerages recommend "buy" or higher, 3 "hold" and 1 "sell"; median PT is $220 - data compiled by LSEG

NOW fell 27.8% in 2025