Snowflake initiated with a Neutral at Macquarie

Macquarie last night initiated coverage of Snowflake (SNOW) with a Neutral rating and $160 price target implying a 9.5% total shareholder return. The firm likes the company’s core cloud data warehouse opportunity and “momentum, market expansion opportunities and disciplined execution.” However, Snowflake faces some risks from its “more aggressive” fiscal 2026 product revenue guidance, competitors’ artificial intelligence positioning, and macro pressures on consumption, the analyst tells investors in a research note.