SNOW: Takeaways from Snowflake Summit 2026

Research evidence excerpt

SNOW: Takeaways from Snowflake Summit 2026

Equity Research

Company Update — June 4, 2026

U.S. Software

Snowflake Inc.

Takeaways from Snowflake Summit 2026 Overweight

Price Target: $300.00

Our Call Ticker SNOW

Upside/(Downside) to Target 24.3%

Summit emphasized how AI unlocks new use cases and drives value within SNOW. Our

convos suggest AI tailwinds are still early, but should build over time. Nonetheless, we Price (06/03/2026) $241.28

leave more convicted in underlying business momentum and the LT growth oppty. 52 Week Range $118.30 - 284.99

Market Cap (MM) $83,336

More constructive on SNOW and AI oppty. Customers had strong interest utilizing AI Enterprise Value (MM) $79,306

within SNOW, noting efficiency gains in trials and rapid product improvement from betas. Average Daily Value (MM) $1,935

Dividend Yield 0.0%

Key takeaways:

• AI unlocks new and broader use cases, allowing customers to drive more value from $ (Jan) Q1 Q2 Q3 Q4 FY

data within SNOW EPS

• CoCo and CoWork interest is high, but usage and adoption still early 2027E 0.39 A 0.43 E 0.49 E 0.55 E 1.87 E

2028E 0.55 E 0.59 E 0.63 E 0.67 E 2.44 E

• Governance and security are more critical in an AI environment, reinforcing our view Source: Company Data, Wells Fargo Securities estimates, and Factset.

that AI workloads are best activated directly within SNOW NA = Not Available, NC = No Change, NE = No Estimate

Ryan MacWilliams, CFA

Strong interest in Cortex AI Suite, but adoption and usage appear to be early. Convos EquityRyan.MacWilliams@wellsfargo.comAnalyst | Wells Fargo Securities,| 212-214-1192LLC

suggested that while AI interest is high, adoption of CoCo (link), CoWork, and the broader

Zeeshan RaufCortex AI suite remains nascent. Most customers appear to be testing and trialing these