EVR-ISI Software: Daily Cloud Bytes (CRM/SNOW Thoughts, TMT Conference & More)

Research evidence excerpt

EVR-ISI Software: Daily Cloud Bytes (CRM/SNOW Thoughts, TMT Conference & More)

Technology | Software

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May 26, 2026

Kirk Materne, CFA EVR-ISI Software: Daily Cloud Bytes

212 497 0873 (CRM/SNOW Thoughts, TMT Conference & kirk.materne@evercoreisi.com

Peter Levine More)

212 497 0833

EVR-ISI Software Daily Nugget: Good morning! We hope everyone peter.levine@evercoreisi.com

had a great MDW. We are meeting with investors in Chicago today and

Peter Burkly

then we’ll get earnings from CRM and SNOW tomorrow night. You can 212 497 0831

peter.burkly@evercoreisi.com see our CRM and SNOW previews here and here. For CRM, we believe

Bill McNamara that a slight beat/slight raise is probably good enough at these levels

212 446 5626 as the debate over any 2H reacceleration is likely to push into the

bill.mcnamara@evercoreisi.com summer; while Agentforce adoption appears to be accelerating, we

Charlie Zhou expect Tableau and Marketing Cloud could remain overhangs on

646-551-8513 CRPO/subs revenue growth. We believe the risk/reward still skews to

charlie.zhou@evercoreisi.com the upside, but we see the F2Q earnings call (Aug) and Dreamforce

Vinod Srinivasaraghavan, CFA (Sept) being the next potential catalysts for the bull case. For SNOW,

646-551-8831 we believe the impact of Cortex and CoCo on consumption will be a big

Vinod.Srinivas@evercoreisi.com focus and while we expect a solid (~3%) beat for F1Q and modest FY27

raise, we expect the F2Q product revenue guide will be the point of Weekly Video:

debate given a tough compare. We believe the tougher F2Q compare

has been well socialized among investors at this point and we believe

the upside into the analyst day in early June is compelling given there

are few ~30% growers at scale in software with meaningful room for

margin leverage.