ServiceNow Stock Has Tanked. Why UBS Downgraded It Anyway.

Like so many other software stocks, ServiceNow has plummeted to start 2026. Analysts at the investment bank downgraded ServiceNow to Neutral from Buy and slashed their price target to $100 from $170 in a research note. The workflow automation company isn’t getting replaced by artificial intelligence, UBS said, but enterprises aren’t opening their wallets for non-AI tools either.