Snowflake第一季度前瞻：预测5月将有更多“雪花”，重申评级：买入

SNOW in MayReiterateRating:BUYIPO:205.00USD|Price:164.24USD ReportsresultsonWednesday5/27afterthemarketclose it was seeing heading into this year should continue unabated. While there is someconcern around near-term Middle East demand headwinds, we are not overly concerned as revenue from the region is minimal (we think ~1% at most). We don't expect anythingfrom the F1Q results to change our view that Snowflake is a share gainer in the attractiveand growing Albusiness intelligence opportunity.Welay out three keypoints into theprint below. Forecasts unchanged. Reit. Buy. We raise our PO to $205 (from $195) andmultiple to 10.3x EV/CY27E revs (was 9.8x), on higher execution confidence.Point 1: All eyes on the Product revenue beat magnitude KeyChanges +1 415 913 2106koji.ikeda@bofa.comGeorge McGreehanResearch AnalystBofAS compressed (5.1%>2.7%>2.4%)recently.We think a beat like last quarter(i.e..2.4%) Anything above 2.4% implies Product revenue growth accelerates.A 2.4% beat orgreater also supports the potential for Product revenue growth to be 30%+ for FY27,which is impressive in our view for a company of this scale at ~s6bn in total revenue.Point2:LookingtolearnmoreonCoCoadoptiontrends +1 415 913 4315george.mcgreehan@bofa.com We think Cortex Code (or CoCo), the Snowflake native agent to build workflows, has thepotential to be a better-than-expected growth driver in FY27 and is giving us more Price ObjectiveDate Established19-May-2026Investment OpinionC-1-952-Week Range118.30 USD -280.67 USDMrkt Val (mn) /Shares Out61,424 USD /374.0(mn)Free Float94.9% confidence in its ability to deliver 30%+ Product revenue growth. A month ago,Snowflake disclosed 50% of customers are using CoCo and early adopters are seeing11% higher consumption (vs.a control group), which we view as positive demandsignals, supporting our bullish view. New CoCo usage data points could be a catalyst.Point3:MakesuretherecentCROtransitionisseamless On March31,a somewhat abrupt Chief RevenueOfficer transition was announced, which we think raised execution risks. With a replacement also announced at the sametime (Jonathan Beaulier,most recently SVP of Majors Sales and 1O+ year veteran atSnowflake, 25+ years in the industry), we think the transition should be seamless. Wecould include anything from leaning more (or less) into certain customer demographicsand product categories,and/or sales rep accountmanagementand compensation. CFO = Chief Financial OfficerCRO= Chief Revenue OfficerEVP = Executive Vice President BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page11 to 13.Analyst Certification on page 9.PriceObjective Basis/Risk on page 9.12975816 iQprofile s" SnowflakeiQmethod '"- Bus Performance* Software Snowflake (NYSE: SNOW) provides a cloud data warehouse platform with multi-cloud interoperability and unifiedworkloads spanning Data Warehouse, Data Engineering.Data Science/ML, Data Application and Sharing, andCybersecurity. Snowflake was founded in 2012 by BenoitDageville and Thierry Cruanes and is headquartered inBozeman, Montana. We rate SNOw Buy. Snowflake possesses compeling competitive advantages, including 1) data warehouse firstmover in the cloud, 2) native interoperability with the majorpublic clouds, 3) ability to run multiple workloads, such asdata warehouse, data engineering/data science and datasharing, 4) large installed base of enterprise customers and5) traction in the Al Software market. Session on 6/2Snowflake is hosting its annual customer conference Summit in San Francisco the week after its earnings print. At the event, its management is hosting an investor session onTuesday 6/2. At the event, we expect: (1) new product and feature announcements, (2)potentially new or expanding partnerships with technology vendors and global systemintegrators, and (3) how Snowflake is a long-term beneficiary in the Al future. With the event so close to its earnings print the week before, we do not expect to hear any financial updates, like last year. We expect to hear a lot on its long-term vision andproduct strategy from the CEO Sridhar Ramaswamy and EVP of Product ChristianKleinerman.We also expect to hear from the new Chief Revenue Officer Jon Beaulier onthe go-to-market vision and key focus growth areas. CFO Brian Robins should be inattendance, but think questions directed at him will be relatively light unless there issome sort of issue with the F1Q earnings print, which we do not expect. Web traffic analysis increases ourconfidence in Product rev upside potentialWe are incrementally positive heading into the F1Q print that Product revenue will exceed BofA/Street estimates based on our proprietary analysis