We Like TEAM + SNOW for 2H

Research evidence excerpt

We Like TEAM + SNOW for 2H

Equity Research

Multi Company Update — June 9, 2026

U.S. Software

Our Call Ryan MacWilliams, CFA

We favor SaaS that connects to high ROI internal AI use cases that enterprises feel safer Equity Analyst | Wells Fargo Securities, LLC Ryan.MacWilliams@wellsfargo.com | 212-214-1192

adopting today. TEAM / SNOW carry key business context + governance, and can benefit

Zeeshan Rauffrom increased AI agent consumption (+ help orgs. save on token costs).

Associate Equity Analyst | Wells Fargo Securities, LLC

Zeeshan.Rauf@wellsfargo.com | 212-214-1120

TEAM: Sub. ARR reaccel fights bear case NT, dev hiring + Teamwork Collection upsell + Chris Brazeau

Teamwork Graph AI thesis supports multiple re-rate higher off undemanding valuation. Associate Equity Analyst | Wells Fargo Securities, LLC

Raise PT to $140 Chris.Brazeau@wellsfargo.com | 929-767-5658

Cyrus Motakef

• In this note: Pre-quiet mgmt. discussion notes, call w/ largest TEAM partner notes, Associate Equity Analyst | Wells Fargo Securities, LLC

Teamwork Collection analysis, dev. hiring data Cyrus.Motakef@wellsfargo.com | 212-214-3334

SNOW: Robust market for Data/Analytics spend and SNOW as a AI beneficiary is

increasingly evident with CoCo. Valuation gap vs other AI beneficiaries should improve.

Raise PT to $320

• In this note: Updated Cortex Code contribution analysis, updated large customer

contribution, and SNOW/DDOG val. analysis

Improving seat growth at TEAM. We see an improving growth algorithm supported

by Teamwork Collection upsells (analysis on pg 4), expanding use of existing context

(Teamwork Graph), and improving software development trends. Investor AI fears have

largely hinged on declining seat growth, however new developer job postings have