KeyBanc lowered the firm’s price target on Snowflake (SNOW) to $235 from $285 on lower peer multiples, while keeping an Overweight rating on the shares. The firm surveyed 20 Snowflake and Databricks customers and partners. Q4 survey results were incrementally positive for Snowflake, driven by improved spend intentions, AI tailwinds, and broadening product adoption. KeyBanc comes away from the survey and its conversations with continued conviction in Snowflake’s position to benefit an organization’s AI investments and Snowflake’s broadening platform capabilities.
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