UBS analyst Karl Keirstead reiterated a Buy rating and $370.00 price target on Snowflake Inc. (NYSE: SNOW).

The analyst commented, "We attended the Databricks Investor Briefing in SF last week, where Databricks revealed that it is increasingly acting as an access point/reseller of AI models and compute, passing this through revs and thereby materially accelerating revs growth to ~80%. Snowflake confirmed with us late last week that pass-through AI revs were immaterial for them, a disclosure that we view as a net positive. We remain Buy-rated...We view the multiples of 14x/59x on CY26E revs/FCF as still defensible given mid-high 30% growth and our view that the AI lift to Snowflake is still early-stage. Our unchanged PT of $370 is based on 17.5x CY27E EV/S and 73x EV/FCF."

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Shares of Snowflake Inc. closed at $232.29 yesterday.