ServiceNow shares fall after Q4 results; brokerages cut PT

Shares of enterprise software maker ServiceNow NOW.N fall 9.3% to $117.60 premarket, despite the company beating Q4 estimates and forecasting annual subscription revenue above Wall Street expectations

At least 7 brokerages cut their PTs on the stock

JPMorgan: "The malaise in software sentiment persists, coupled with a seemingly paradoxical and vicious cycle of depressed valuations coupled with maintained, if not rising, investor expectations"

RBC: "We are buyers on weakness. Against negative investor sentiment and a strong beat and in-line-to-better CY/26 guide, we would be buyers of NOW on weakness"

43 of 47 brokerages rate the stock "buy" or higher, 3 "hold" and 1 "sell"; median PT is $200 - LSEG data

As of Wednesday's close, NOW down 15.4% YTD, vs. NASDAQ Composite Index's .IXIC 2.6% increase