<div id="readability-page-1">Shares of Snowflake Inc. ( SNOW ) tanked in early trading on Thursday, even after the company reported upbeat third-quarter results on Wednesday. Here are some key analyst takeaways: <ul> <li>Cantor Fitzgerald analyst Thomas Blakey reaffirmed an Overweight rating; price target increased from $275 to $278.</li> <li>Scotiabank analyst Patrick Colville maintained a Sector Outperform rating; price target raised $280 to $290.</li> <li>Canaccord Genuity analyst Kingsley Crane reiterated a Buy rating; price target is higher from $260 to $270.</li> <li>KeyBanc Capital Markets analyst Eric Heath reaffirmed an Overweight rating; lifts the price target from $275 to $285.</li> <li>JPMorgan analyst Mark Murphy reiterated an Overweight rating; raises price target from $255 to $268.</li> <li>Goldman Sachs analyst Kash Rangan maintained a Buy rating; takes price target higher, from $260 to $275.</li> <li>Wedbush analyst Dan Ives reaffirmed an Outperform rating and price target of $270.</li> <li>DA Davidson analyst Gil Luria maintained a Buy rating and price target of $300.</li> <li>BTIG analyst Gray Powell reaffirmed a Buy rating and price target of $312.</li> <li>Needham analyst Mike Cikos maintained a Buy rating and price target of $280.</li> <li>Guggenheim Securities analyst John DiFucci reiterated a Neutral rating on the stock.</li> <li>BofA Securities analyst Brad Sills reaffirmed a Buy rating and price target of $310.</li> </ul> Check out other analyst stock ratings. Cantor Fitzgerald: Snowflake reported strong fiscal third-quarter results, with RPO (remaining performance obligations) coming in at $7.9 billion. Customers continue expanding their usage on the company's platform, Blakey said. RPO growth accelerated to 37.5%, from 32.5% in the prior quarter. Bookings snowballed. Snowflake booking nearly $1 billion in net new RPO in the quarter, 89% higher than in the year-ago quarter, the analyst stated. The company announced $100 million in AI ARR (annual recurrent revenue) one quarter earlier than expected, &#34;driven by Cortex and Snowflake Intelligence, which is its fastest ramping new product in Snowflake history,&#34; he further wrote. Scotiabank: Snowflake's year-on-year product revenue growth decelerated sequentially by around 3 percentage points and &#34;the magnitude of the beat wasn't as strong as last quarter,&#34; Colville said. The company's release fell short of expectations, following impressive performances from Datadog Inc ( DDOG ) , Confluent Inc ( CFLT ) and MongoDB Inc , he added. &#34;Snowflake's operating margin beat in 3Q was a bit skinny and management is raising the F26 guide by less than the beat,&#34; the analyst wrote. He stated, however, that the company's guidance reflects a &#34;rapid snap back&#34; in the fourth quarter. Canaccord Genuity: Snowflake's results indicated good sales execution, consumption &#34;turning a corner,&#34; and a ramp up in AI workloads, Crane said. Product revenue grew 29% year-on-year, while operating margins expanded by around 460 basis points (bps) and NRR remained stable at 125%, he added. &#34;RPO bookings were a highlight with four 9-figure deals signed, and +615 total net new customers were a record,&#34; the analyst wrote. AI products drove around 50% of bookings in the third quarter, he added. KeyBanc Capital Markets: Snowflake's revenue grew 29% year-on-year to $1,213 million, beating consensus of $1,182 million, Heath said. &#34;Bookings were notably strong, up 50% y/y, and an acceleration from ~30% y/y in F1H, helped by four 9-figure expansion deals,&#34; he wrote. Management guided to fourth-quarter product revenue of $1,195-$1,200 million, above consensus of $1,181 million, the analyst stated. The fiscal 2026 product revenue guidance was raised to $4,446 million, up $51 million from prior outlook and ahead of consensus of $4,396 million, he added. JPMorgan: Snowflake's product revenue beat was lower than the previous quarter's outsized upside, Murphy said. Product revenue growth dipped below 30%, which surprised investors expecting the upside delivered in the second quarter, he added. &#34;Q3 product revenue upside of ~3%. vs. the midpoint of guidance is still a healthy beat, in our view,&#34; the analyst wrote. Snowflake continues to execute well, drive product adoption, and &#34;improve its positioning within the data modernization and AI mega trends,&#34; he further stated. Goldman Sachs: Snowflake's product revenue came in 2.3% above consensus, while the fourth-quarter guidance was 1.1% higher than estimates, Rangan said. Operating margin of 7% missed expectations of 8.4%, he added. &#34;Snowflake Intelligence is seeing the fastest adoption ramp of any new product,&#34; the analyst wrote. The company hit $100 million in AI ARR one quarter earlier than projected, he further stated. Wedbush: Snowflake's total customer count grew 20% year-on-year to 12,621 and came above Street expectations of 12,062, Ives said. Non-GAAP operating margin of 10.8% beat consensus of 9.3%, he added, The company is well-positioned to &#34;stabilize margins in the near-term as it invests to capture the massive growth opportunity taking place,&#34; the analyst wrote. The strong results and fourth-quarter product revenue guidance are overshadowed by elevated expectations into the print. DA Davidson: Snowflake reported strong earnings for the fiscal Q3, with a beat on both the top- and bottom-line. However, that non-GAAP operating margins contracted to 10.8%, from 11.1% in the previous quarter. &#34;Management continued to reiterate the strength of their AI/ML and data engineering products with customers, while also mentioning that they’re continuing to rapidly bring new products into general availability,&#34; Luria said. Management's fiscal 2026 product revenue guidance indicates roughly 28% growth at the midpoint, he further stated. BTIG: Snowflake outperformed its product revenue guidance by $31 million in Q3. That’s much lower than the average of $42 million in the previous three quarters, Powell said. He added, however, that the company's second quarter results were boosted by some large customer migrations. Applying the $31 million beat to guidance suggests that Snowflake could exit fiscal 2026 with more than 30% product revenue growth, the analyst stated. This was &#34;a huge quarter,&#34; with RPO bookings up 50% year-on-year against tough comps, he further stated. Needham: Snowflake saw a deceleration in product revenue growth to 29% in Q3, from 32% in the previous quarter. Chikos said that investor expectations were &#34;elevated into the print.&#34; Snowflake's underlying fundamentals remained strong in the quarter, the analyst stated. &#34;The company continues to execute strongly against the core business,” he further wrote. Guggenheim Securities: The deceleration in Snowflake's product revenue growth was disappointing, DiFucci said. With numbers falling short of expectations, management's commentary focused on AI, he added. AI could become &#34;one of the most important technology advances in our lifetimes.” But it’s only around 2% of the company's revenue run-rate, the analyst stated. Snowflake may never see much benefit, he further wrote. BofA Securities: Snowflake reported strong results, with product revenue of $1.16 billion beating consensus by $28 million, Sills said. Performance was driven by &#34;broad-based consumption strength and momentum across enterprise customers,&#34; he added. &#34;Importantly, management noted that AI projects are being funded from large, digital transformation budgets rather than IT budgets, expanding Snowflake’s opportunity to grow wallet share,&#34; the analyst further wrote. SNOW Price Action: Shares of Snowflake had declined by 10.05% to $235.83 at the time of publication on Thursday. Read More: <ul> <li>Snowflake Has Already Hit $100 Million AI Run-Rate, CEO Says: ‘Real Usage…Not Hype’</li> </ul> Image: Shutterstock</div>

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Snowflake Inc. 報告了強勁的第三季度業績，預訂量增長了 50%，主要得益於人工智能產品。儘管如此，由於增幅低於第二季度，股價下跌。分析師們大多維持了積極的評級，幾位分析師上調了目標價。主要亮點包括 1 億美元的人工智能年經常性收入（AI ARR）和強勁的合同履行訂單（RPO）增長。然而，一些分析師指出產品收入增長放緩和運營利潤率的擔憂。總體而言，Snowflake 被視為在人工智能和數據現代化趨勢中處於良好位置

Snowflake Q3 AI Momentum Spikes Bookings 50%; Upside Falls Short Of Q2