HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $SNOW (+2,25 %) Q2 EARNINGS:

• Rosenblatt (Buy, PT: $180): "Snowflake reported Q2 product revenue growth of 30%, exceeding our expectations by 3%, with total revenue also beating consensus. Despite the better-than-expected consumption levels, the company's Q3 product revenue growth guidance remains in line with prior consensus. Snowflake is dealing with headwinds in the second half of the year from Iceberg table support, but we see the company as well-positioned for the longer term. While we have slightly lowered our revenue growth forecast for FY25, we maintain confidence in Snowflake's overall growth trajectory."

• Goldman Sachs (Conviction Buy, PT: $220): "Snowflake’s Q2 results were solid, with product revenue growth and cRPO both beating expectations. Despite a lower revenue beat compared to previous quarters and concerns around the CEO transition, Snowflake’s performance in a constrained spending environment underscores its strength. We believe that if the company can stabilize or re-accelerate product revenue growth, it has significant upside potential."

• TD Cowen (Buy, PT: $180): "Snowflake's Q2 results were solid, with product revenue growth of 30%, slightly above the Street's 27% expectation but below what some on the buyside might have hoped for, leading to an 8% after-hours decline following a 20% rally over the last two weeks. However, the significance of the full-year guidance raise, more than double the Q2 beat, alongside positive comments on consumption stability, impacts from Iceberg, and plans to accelerate sales hiring, are the key takeaways. These factors are more important than the slight miss in expectations."

• Piper Sandler (Overweight, PT: $165): "Snowflake's Q2 results were better than feared, with a $22M beat in product revenue, stable optimization trends, and 30% y/y growth in cRPO. However, we remain cautious due to execution risks related to leadership changes, Iceberg Tables, macroeconomic headwinds, and competition. Despite these risks, the company's fundamentals remain strong, with significant long-term growth opportunities."

• Canaccord Genuity (Buy, PT: $190): "Snowflake's Q2 results were strong, with product revenue growing 30% y/y, beating guidance. However, investors are concerned about the slowing pace of revenue growth and the company's ability to stay ahead in the competitive AI race. While product gross margins were slightly down, the company managed to exceed expectations on profitability metrics, demonstrating resilience in a challenging market."

• Scotiabank (Sector Outperform, PT: $165): "Snowflake's Q2 results were unusual, with a modest product revenue beat but a decent full-year top-line raise, although without an increase in FCF margin guidance. Shares fell after hours as investors questioned whether recent data breaches or new table formats impacted performance. However, our checks suggest minimal impact from these events. We remain confident in Snowflake’s potential as an AI beneficiary and see upside potential in the latter half of FY25."

• Jefferies (Buy, PT: $145): "Snowflake's Q2 results were solid, with a 3% revenue beat, but the company's ongoing transition, including product investments and leadership changes, presents challenges. Although progress is being made, the valuation remains a question mark, and we believe it will take time for these initiatives to fully pay off. Nevertheless, Snowflake's long-term prospects remain strong."

• Baird (Outperform, PT: $152): "Snowflake reported solid Q2 results, with a 2.7% product revenue beat. The company also raised its full-year revenue guidance from 24% to 26%, and we remain positive on its near- and long-term growth potential. However, the stock experienced a modest drop after hours due to lighter-than-expected beats and in-line margin guidance. We continue to see value in Snowflake’s ability to capitalize on the shift to cloud data management and AI."

• 
  Needham (Buy, PT: $160): "Snowflake outperformed its guidance and sell-side estimates for Q2, but shares fell after hours as investors expected stronger revenue growth in the October quarter and a higher increase in operating margin guidance. We believe the company's decision to raise FY25 revenue guidance, despite a modest Q2 beat, reflects confidence in its long-term growth strategy. We remain positive on Snowflake's potential to exceed its updated guidance."

• Evercore ISI (Outperform, PT: $170): "Snowflake delivered solid Q2 results, with product revenue ahead of forecasts. While the beat was smaller than some hoped, the company’s core business remains healthy, and consumption patterns are normalizing. We believe the risk/reward skews to the upside, particularly with new AI products expected to drive growth in FY26."

• DA Davidson (Buy, PT: $175): "We maintain our positive view on Snowflake after the company reported solid Q2 numbers, beating expectations on both the top and bottom lines. Despite investor concerns, management reiterated that Snowflake was not affected by recent customer hacks, and the company is doubling down on investments for future growth. We believe this strategy will pay off in the long term, even at the expense of short-term margins."