Snowflake: F1Q preview: Forecast calls for more SNOW in May

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Snowflake: F1Q preview: Forecast calls for more SNOW in May

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Snowflake

F1Q preview: Forecast calls for more

SNOW in May

Reiterate Rating: BUY | PO: 205.00 USD | Price: 164.24 USD

Reports results on Wednesday 5/27 after the market close 19 May 2026

We think Snowflake (SNOW) will deliver strong F1Q27 results because the robust demand Equity

it was seeing heading into this year should continue unabated. While there is some

concern around near-term Middle East demand headwinds, we are not overly concerned

Key Changesas revenue from the region is minimal (we think ~1% at most). We don’t expect anything

from the F1Q results to change our view that Snowflake is a share gainer in the attractive (US$) Previous Current

and growing AI business intelligence opportunity. We lay out three key points into the Price Obj. 195.00 205.00

print below. Forecasts unchanged. Reit. Buy. We raise our PO to $205 (from $195) and

multiple to 10.3x EV/CY27E revs (was 9.8x), on higher execution confidence. Koji Ikeda, CFA

Research Analyst

BofAS

+1 415 913 2106Point 1: All eyes on the Product revenue beat magnitude koji.ikeda@bofa.com

The magnitude of the beat to the midpoint of the Product revenue guide has

George McGreehan

compressed (5.1% > 2.7% > 2.4%) recently. We think a beat like last quarter (i.e., 2.4%) Research Analyst

is the bar investors may expect and would imply +30% y/y growth (same as F4Q26). BofAS +1 415 913 4315

Anything above 2.4% implies Product revenue growth accelerates. A 2.4% beat or george.mcgreehan@bofa.com

greater also supports the potential for Product revenue growth to be 30%+ for FY27,

which is impressive in our view for a company of this scale at ~$6bn in total revenue.

Point 2: Looking to learn more on CoCo adoption trends Stock Data