
ServiceNow is upgraded to Buy in a pair trade against Salesforce, leveraging NOW's superior organic growth while hedging AI disruption risks. Q2 2026 showed NOW's revenue and subscription growth (~24%) outperforming guidance, with AI-related bookings up 40% sequentially and agentic deployments up 9x in nine months. Valuation multiples for NOW have compressed to ~6.5x EV/forward revenue, closing the gap with CRM and supporting the relative trade based on organic growth differentials.










