The speaker expresses a negative outlook on ServiceNow (NOW) due to its high valuation, particularly its P/E ratio which is considered expensive even after a significant sell-off. Despite the company's strong fundamentals, such as good renewal rates and acquisitions aimed at bolstering its AI and cybersecurity offerings, the current valuation is seen as a deterrent. The analyst believes that a P/E ratio of 48.9x is too rich, suggesting that a more attractive entry point would be around $90-$100, which represents a significant downside from the current price. The overall sentiment is bearish on the stock at current levels.