Snowflake should emerge as a long-term artificial intelligence winner despite a host of near-term snowstorms, Wall Street analysts think.
The cloud stock dropped more than 16% last Thursday after the company shared product revenue guidance that fell short of consensus expectations and results that indicated slowing growth.
Even with these headwinds, many analysts remain positive on Snowflake's long-term trajectory, viewing an acquisition and the transition to the cloud as two catalysts for the stock.
Deutsche Bank's Brad Zelnick said in a recent note that AI, among other developments, should drive customer stickiness and improved use cases.
A murky future Not everyone seems optimistic about Snowflake's AI potential, however.
Persons:
Snowflake, Brent Thill, Piper Sandler's Brent Bracelin, Raymond James, Simon Leopold, Frank Slootman, Goldman Sachs, Kash Rangan, Rangan, Brad Zelnick, Redburn, Alex Haissl, Haissl, — CNBC's Michael Bloom
Organizations:
Wall Street, Wolfe Research, Snowflake's Summit, Deutsche, Palo Alto Networks
Locations:
Snowflake, Las Vegas