Snowflake assumed with an Outperform at Raymond James

Raymond James assumed coverage of Snowflake (SNOW) with an Outperform rating with a price target of $250, down from $274. Snowflake is transitioning from a cloud data warehouse into a broader data, application, and AI platform, positioning the company to capture a larger share of enterprise workloads, and as AI adoption accelerates, platform convergence increases, and open data architectures become standard, Snowflake has multiple growth drivers and ways to expand its strategic relevance with large customers, the analyst tells investors in a research note. While competitive pressures from other leading database vendors remain central debates, Snowflake’s platform evolution, expanding use cases, and potential for more durable consumption trends provide a credible path to sustaining premium growth and margins, the firm added.