KeyBanc Capital Markets

Money Moves

Downgraded ServiceNow to Underweight on Dec 15, 2025, citing AI disruption risk

ServiceNow's 5-for-1 stock split executed on schedule: shares distributed after market close December 17, split-adjusted trading began December 18. The mechanical transition was clean—one $850 share became five $170 shares—but the 'fresh start' narrative got drowned out almost immediately by deal noise and analyst skepticism.

Updated May 15