Analyst Raised Microsoft and ServiceNow Price Targets

Cantor Fitzgerald analyst Thomas Blakey increased price targets amid strong demand for cloud and AI software.

Updated on Sept. 21, 2026 in Software

Isometric editorial illustration of a vertical server rack unit rendered in oxblood and deep teal with matte, hard-edged surfaces. — Cantor Fitzgerald analyst Thomas Blakey increased price targets for Microsoft and ServiceNow to $608 and $174, respectively, citing sustained demand for cloud and AI software. AI Illustration. Upload story photo >

Live Poll

Do you trust analyst price targets to guide your personal investment decisions?

Cantor Fitzgerald analyst Thomas Blakey raised the price target for Microsoft to $608 and for ServiceNow to $174. These revisions come as investor interest in AI modernization and cloud infrastructure continues to intensify.

Why it matters

The price target hikes reflect resilient demand for enterprise AI and security tools, even as the broader software sector has struggled to keep pace with major stock indexes this year.

Microsoft has accelerated capacity rollouts for infrastructure and realized efficiency gains while ServiceNow reports organic growth between 18% and 20.5%. Microsoft recently launched its Azure Payment HSM v2 and established a provisional AI Code of Conduct.

The players

Thomas Blakey

He is an equity analyst at Cantor Fitzgerald who monitors the performance of major software and technology firms.

Microsoft

This global technology company develops cloud computing platforms, enterprise software, and artificial intelligence solutions.

ServiceNow

This enterprise software provider offers a cloud-based platform for managing digital workflows and automating business operations.

The details

Microsoft has restructured its cloud operations by moving Healthcare out of Azure while shifting GitHub Cloud and Security into Microsoft 365. Meanwhile, ServiceNow continues to benefit from accelerating demand for agentic AI modernizations and increased security requirements.

September 21, 2026: Analyst Thomas Blakey published the updated price targets.

The Tech Race

This analyst move highlights the current disparity between the software sector and the rapid growth of the PHLX Semiconductor Sector Index, which has risen 65.7% year-to-date. It underscores the broader industry pivot where hardware infrastructure demands are currently outpacing the market performance of some software leaders.

For investors, these target adjustments signal continued confidence in the foundational platforms powering enterprise AI modernization. Users of Microsoft and ServiceNow tools can anticipate ongoing service updates and infrastructure improvements as these companies prioritize scaling their cloud capabilities.

The takeaway

These analyst revisions highlight the growing gap between the high-growth potential of AI-driven infrastructure and the broader, more sluggish performance of the software market. Investors and stakeholders should monitor whether these companies can maintain their organic growth targets against mounting hardware supply pressures.