BTIG Initiates ServiceNow (NOW) with Buy Rating on Expanding AI Platform

Core Insights - ServiceNow, Inc. (NYSE:NOW) is recognized as one of the 12 Best Long Term US Stocks to Buy Now [1] - BTIG has initiated coverage of ServiceNow with a Buy rating and a price target of $1,000 [2] Company Developments - ServiceNow's AI platform has evolved significantly since the launch of Now Assist two years ago, transitioning from a simple AI feature to a comprehensive system where humans and AI collaborate [3] - The introduction of an AI Control Tower for oversight and governance is a key development, alongside a partnership with Microsoft to implement agent-based AI workflows across enterprises [3] Financial Projections - BTIG's optimistic outlook for ServiceNow assumes the company will maintain performance above the Rule of 50, projecting revenue growth in the high teens and free cash flow growth in the mid-20% range [3] Acquisition News - ServiceNow is reportedly in advanced discussions to acquire cybersecurity startup Armis, which was last valued at $6.1 billion, with the potential deal reaching around $7 billion, marking ServiceNow's largest acquisition to date [4] - Armis specializes in securing and managing internet-connected devices, addressing cyber risks for organizations [5]