Wall Street Says New CEO Putting Snowflake Back In Artificial Intelligence Race Wall Street Says New CEO Putting Snowflake Back In Artificial Intelligence Race
Summary
It received a flurry of favorable reports from Barclays, Jefferies, Goldman Sachs, Evercore ISI, Oppenheimer, Deutsche Bank, RBC Capital, Wedbush, D.A. Started in 2012, Snowflake initially won corporate customers over by making improvements to the traditional relational databases offered by the likes of Teradata and Oracle (ORCL). Amid the rise of generative AI, Snowflake and rival Databricks are racing to give customers tools for organizing and cleaning up proprietary data. "We see Snowflake delivering operating margin expansion following an AI investment cycle in 2025," Goldman Sachs analyst Kash Rangan told clients in a recent note. "We believe that Snowflake is now on firmer footing to drive durable mid-20s revenue growth rate at scale with the new CEO firmly established, product velocity markedly improving, and its core business poised to inflect."