ServiceNow Jumps 6% on Bank of America Buy Rating and $130 Target
ServiceNow shares surged 6% Monday and headed for their largest one-day gain in a year after Bank of America reinstated coverage with a buy rating and $130 price target. Analysts said AI agent growth will increase demand for the company's workflow orchestration and control solutions.
1. Bank of America Reinstates Coverage
Bank of America analysts relaunched coverage of ServiceNow with a buy rating and a $130 price target, highlighting expected benefits from enterprise AI integration.
2. Expected AI Benefits
Analysts project that growth in AI agent deployment will drive higher demand for ServiceNow’s workflow orchestration and control platforms as companies seek to manage and govern AI-driven processes.
3. Recent Stock Movements
ServiceNow shares rose 6% on Monday for their best one-day performance in a year, yet the stock remains down about one-third year-to-date and roughly 50% over the past 12 months.