Snowflake (NYSE:SNOW) received an upgrade to Outperform from Peer Perform at Wolfe Research ahead of its Q4 fiscal 2025 earnings report.
Wolfe analysts, led by Alex Zukin, cited stabilizing and improving consumption trends as key reasons for their conviction. They project 28% growth in Q4 and expect FY26 product revenue guidance of 23% year-over-year, setting up Snowflake for mid-to-high 20% growth for the year.
The cloud-based data platform is scheduled to release earnings after market close on Wednesday, Feb. 26, with analysts estimating adjusted EPS of $0.18 on revenue of $955.79 million. Wolfe predicts full-year FY26 product revenue of $4.26 billion, 1.6% above the consensus estimate.
Analysts also highlighted positive AI-driven momentum, noting that large enterprises continue to see Snowflake as an emerging vendor of record. Importantly, they stated that Snowflake's growth isn't coming at the expense of Databricks, but rather reflects a broader shift toward cloud data migrations.
Wolfe set a $235 price target for Snowflake, implying an enterprise value-to-calendar-year 2026 revenue multiple of 15.9x on its base case estimates.
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