ServiceNow stock dips despite strong Q2 growth; analysts see nearly 100% upside with AI-driven expansion.

ServiceNow's stock has fallen over 25% in the past year despite reporting a strong Q2 FY26 with 24% revenue growth and AI revenue surpassing $1 billion. The company is expanding its AI capabilities rapidly, with agentic deployments growing ninefold and AI expected to make up 30% of annual contract value by 2030. Analysts remain bullish, projecting nearly 100% upside over the next 12 months and a price target of $251.28, citing strong subscription growth and AI monetization as key drivers. Risks include margin compression and foreign exchange headwinds, but free cash flow growth supports a positive outlook.