SNOWFLAKE (+) : FQ1 preview: Flying with AI tailwinds

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SNOWFLAKE (+) : FQ1 preview: Flying with AI tailwinds

EQUITIES

SOFTWARE

SNOWFLAKE OUTPERFORMPRICE* USD152.0  TARGET PRICE USD226 (UPSIDE 49%) TARGETunchangedPRICE EPS 01/27e-6% EPS -13%01/28e

FQ1 preview: Flying with AI tailwinds

Snowflake is expected to report FQ1’27 results on May 27 aftermarket13 MAY 2026

Securities Research Report Snowflake shares are down 31% YTD as the company, which was once viewed as a direct AI

Production time: 05:55* (London time) beneficiary, is now seeing its AI resiliency questioned. Specifically, the release of Claude Managed

Research Analysts & Publishing Entities Agents has introduced concerns around whether the AI labs could increasingly become the primary

Stefan Slowinski user interface for enterprise analytics, potentially shifting some of the incremental value capture away

BNP Paribas London Branch from Snowflake over time. That said, we believe Snowflake’s Cortex / MCP strategy should keep the(+44) 203 430 8549

stefan.slowinski@uk.bnpparibas.com company positioned as the governed data / execution layer rather than a passive database sitting

behind AI agents. Moreover, early traction from Cortex Code appears encouraging with CEO SridharDaniel Wang

BNP Paribas Securities Corp1 Ramaswamy noting on a LinkedIn post that ~50% of Snowflake customers are now using the product

+1 646 785 3326 with early adopters increasing their consumption by 11%. Heading into FQ1’27, we expect ~30%

daniel.wang@us.bnpparibas.com product revenue growth (vs. 27% guidance), representing a beat magnitude broadly consistent with

Keeler Patton recent quarters. For FQ2, we expect Snowflake to guide for 26 – 27% product revenue growth (vs.

BNP Paribas Securities Corp1 Cons of 26.6%) as the company laps last year’s large deal wins.

(+1) 646 342 6138