Investing.com -- KeyBanc reiterated its "Overweight" rating on Snowflake Inc (NYSE:SNOW) following its latest customer and partner survey, highlighting growing interest in the company's Cortex AI product and Iceberg data format as long-term growth drivers.
The survey of 16 Snowflake customers and partners revealed increasing clarity on Iceberg adoption, with respondents viewing it as a long-term tailwind rather than a near-term storage headwind. KeyBanc also noted strong interest in Snowflake’s emerging products, including data engineering and Snowflake Intelligence.
However, the firm flagged concerns over early-stage adoption of new products, a rising number of customers viewing Databricks as a more strategic vendor, and declining interest in Snowpark Container Services. Near-term spending intentions ticked up slightly but remain modest at around 11% growth.
Despite some mixed signals, KeyBanc remains constructive on Snowflake’s long-term growth potential, particularly as AI and data-sharing capabilities gain traction.
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