What changed
$NOW — BUY 📊 | 6 MONTHS THESIS
🎯 Q1 2026 | Rev $3.8B | EPS $0.97 vs $0.97 🟢 | Margin 13.3%
💡 Consensus expects steady but unspectacular growth, pricing in ~6.9x forward EV/Sales. Our variant view: AI adoption cycle will drive subscription revenue growth above 25% in FY2026, with FCF margins expanding to 30%+, justifying a multiple re-rating toward historical averages of 9-10x EV/Sales.
📉 Reward/risk: 2.5:1
🏢 Business Quality: 9/10
📊 Valuation: fair currently, but cheap relative to growth-adjusted historical multiples. EV/Sales (forward) 6.9x vs 5-year median ~9x; P/E 56x vs long-term median...
🔮 Catalyst: Q2 2026 earnings report and subscription revenue beat
💰 Entry: $102.15, stop $95, target $120
📊 Our read: BUY. Full analysis →
https://stockduty.xyz/s/NOW0612