2025-06-11-花旗集团-雪花公司（SNOW）_Snowflake公司（SNOW.N）_SNOW峰会现场+_AI博览会要点表明强大的AI发展势头_11页_343kb

Snowflake (SNOW) - Citi Research Summary

🔍 Research Takeaway

Citi maintains a "Buy" recommendation for Snowflake (SNOW), highlighting strong AI momentum and positive feedback regarding the company's new products, especially Cortex, from over 30 customers and partners.

💰 Valuation & Targets

• Current Price: $208.24 (June 10, 2025)
• Target Price: $245 (17.7% expected return)
• EV/Sales 2029 Estimate: ~13x, with a cost of equity at 11.6%.

🚀 Key Highlights

1. Cortex AI Adoption: Enterprises are embedding Cortex into fraud detection, risk modeling, and automation, noting strong ROI and reduced operational overhead.
2. New Products: Enhanced feedback on Intelligence and Cortex AI SQL. Furthermore, Crunchy Data acquisition adds Postgres support, complementing Snowflake's Unistore/Hybrid approach vs. Neon's serverless model.
3. Iceberg + Polaris Catalog: Adoption rising across sectors like Financial Services, Healthcare, and Manufacturing.
4. Competitive Landscape: Enterprise-focused support positioning against developer-centric tools like Neon.
5. Big Data Expo Insights: Oracle highlighted AI investment goals at the AI+Big Data Expo (retaining relevance in AI amid hyperscalers like Azure/Cloudshift)

⚠️ Risks

1. Volatility: Consumption model during market downturns.
2. Competition: From cloud infrastructure providers.
3. Slower Adjacent Product Adoption.
4. Disruptive Technologies: Cloud Data Platform & Data Cloud TAMs at risk.

🏃 Analyst View

Upbeat customer feedback underscores broader enterprise readiness for GenAI deployment and favorable Snowflake's interoperability strategy. Prominent Citi research views signal strong momentum across all: Cortex, Postgres support, and open data management tools.

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Self-authentication: This report represents analyst views without disclaimer/guarantee.