ServiceNow price target lowered to $1,082 from $1,426 at Citi

Citi analyst Tyler Radke lowered the firm’s price target on ServiceNow (NOW) to $1,082 from $1,426 and keeps a Buy rating on the shares. The firm reduced near-term and fiscal 2026 estimates for ServiceNow to reflect weaker partner checks. Two of the three partners Citi spoked to missed expectations in Q1 due to deal delays stemming from Department of Government Efficiency initiatives and tariff uncertainty. The firm expects tariffs will have a relatively minimal impact on software, but says the expected slowdown in the broader economy “will almost certainly weigh on demand overall.” However, it believes ServiceNow’s emphasis on automation and efficiency will support the company through economic uncertainty.