Palantir Technologies is currently worth $269 billion. But these Wall Street analysts think Intuitive Surgical (ISRG 2.29%) and ServiceNow (NOW 2.00%) can top that figure in 2026:

• Patrick Wood at Morgan Stanley has set Intuitive Surgical with a bull-case target price of $850 per share. That implies 64% upside from its current share price of $517. It also implies a market value of $304 billion.
• Patrick Walravens at JMP Securities has set ServiceNow at a target price of $1,300 per share. That implies 36% upside from its current share price of $955. It also implies a market value of $270 billion.

Here's what investors should know about these stocks.

Image source: Getty Images.

1. Intuitive Surgical

Intuitive Surgical is the leader in robotics-assisted surgery. It is best known for its da Vinci systems, which let surgeons perform minimally invasive procedures with greater precision in five areas: 

1. General surgery
2. Urologic surgery
3. Gynecologic surgery
4. Cardiothoracic surgery
5. Head and neck surgery

The company also provides Ion systems for minimally invasive lung biopsies.

Importantly, Intuitive has a razor-and-blade business model. Surgical and diagnostic systems are the razors; they represent significant but infrequent expenses for healthcare facilities. And the adjacent instruments and accessories are the blades; they include consumable tools like scalpels and forceps that must be replaced with each procedure. The razor-and-blade model creates a steady revenue stream.

Intuitive Surgical reported strong first-quarter financial results that beat estimates on the top and bottom lines. Revenue rose 19% to $2.2 billion on strong growth in da Vinci procedures and system placements. Meanwhile, non-GAAP (generally accepted accounting principles) earnings rose 21% to $1.50 per diluted share.

Intuitive is well positioned to keep its momentum. Recently, the company won approvals from the Food and Drug Administration that let da Vinci systems perform more colorectal surgical procedures. In a note to clients, Morgan Stanley analyst Patrick Wood said the total addressable market is "larger than investors might appreciate." So, the new approval could lead to faster-than-expected growth in the coming quarters.

Wall Street says adjusted earnings will increase 10% annually through 2026, but analysts have often missed the mark. Intuitive Surgical beat the consensus estimate by an average of 14% in the last four quarters. If earnings grow at 28% annually -- equal to growth in 2024 -- through the third quarter of 2026, its market value could reach $270 billion without any change in the price-to-earnings (P/E) ratio.

However, Intuitive shares currently trade at 68 times earnings, an expensive valuation for a company forecast to grow earnings at 10% annually. So, my prediction is admittedly a long shot. The company would need a series of very strong financial results to top Palantir's current market value in 2026, and the bull-case target set by Morgan Stanley seems unlikely. Regardless, patient investors should consider buying a small position in this robotics stock today.

2. ServiceNow

ServiceNow provides workflow management software that helps businesses organize and digitize processes across departments. Its core competency is IT software. It is the market leader in IT service management and artificial intelligence (AI) for IT operations software. Importantly, the company added generative AI features called Now Assist in 2023, and agentic AI capabilities in 2025.

ServiceNow reported solid financial results in the first quarter, beating estimates on the top and bottom lines. Revenue increased 18% to $3 billion, and non-GAAP net income increased 18% to $4.04 per diluted share. "ServiceNow's position as the platinum standard for enterprise-grade AI drove these outstanding first-quarter results," CEO Bill McDermott told analysts. "The software industrial complex is converging on ServiceNow as the AI operating system for the enterprise."

Wall Street expects ServiceNow's adjusted earnings to grow at 19% annually through 2026, but the company beat the consensus estimate by an average of 7% over the last six quarters. If that trend persists through the third quarter of 2026, trailing-12-month earnings would hit $20.10 per share. If ServiceNow keeps its current valuation of 66 times earnings, its share price would hit $1,325, implying 39% upside from the current price.

In that scenario, ServiceNow would hit a market value of $275 billion after reporting third-quarter financial results in 2026, more than Palantir is worth today. However, the current valuation is expensive for a company forecast to grow earnings at 19% annually, which means ServiceNow needs flawless execution to hit that mark.