Snowflake Computing: 1Q27 Preview: Expecting Normal Beat but See Tough Q2 Comp Limiting Upside; Healthy Read from Expert Call but Still a Journey

研报英文原文证据摘录

Snowflake Computing: 1Q27 Preview: Expecting Normal Beat but See Tough Q2 Comp Limiting Upside; Healthy Read from Expert Call but Still a Journey

Equity Research

U.S. Software

22 May 2026

Snowflake Computing

1Q27 Preview: Expecting Normal

Beat but See Tough Q2 Comp

SNOW EQUAL WEIGHTLimiting Upside; Healthy Read

U.S. Software POSITIVE

Price Target USD 192.00from Expert Call but Still a

Price (21-May-26) USD 165.54

Potential Upside/Downside +16.0%Journey Source: Bloomberg, Barclays Research

Similar to Q4, we expect SNOW's healthy fundamentals to

continue with potential for a "normal" +2% beat and growth U.S. Software

Raimo Lenschow, CFA

to remain at the ~30% level. We do see optical challenges +1 212 526 2712

with SNOW lapping a tough comp in Q2 and potential raimo.lenschow@barclays.com BCI, US

downside risk to Q2 product rev estimates, which limits Sheldon McMeans

excitement. +1 212 526 1544

sheldon.mcmeans@barclays.com

BCI, US

Following recent underperformance (SNOW -4% last three months vs. IGV +14.5%), we see

sentiment as more balanced entering Q1 but are unsure results will serve as a near-term

catalyst for the shares. The Q1 set-up itself seems reasonable with cons modeling ~$39mn in net

new product revenue growth (vs. $53.5mn in 1Q26) and SNOW having tailwinds from its Observe

acquisition that closed early in Q1. This set-up could lead to another healthy 2%+ beat in an

upside case, in our view, which is solid, but we are not sure this will be enough given some of the

evolving debates in the data analytics software industry (see takeaways from expert call below).

More in focus from our perspective will be guidance, where we see muted upside potential to

slight downside potential for SNOW's Q2 product revenue guidance given healthy cons