KeyBanc analyst Eric Heath lowered the firm’s price target on Snowflake (SNOW) to $150 from $168 to account for potential near-term headwinds to storage and ETL revenue from iceberg adoption, while keeping an Overweight rating on the shares. The firm notes it conducted its quarterly Snowflake survey of 15 partners and customers to get an updated view on spend intentions, product traction, Iceberg adoption, GenAI interest, and competitive dynamics. Following the survey, KeyBanc is incrementally positive on Snowflake being viewed as increasingly strategic and about equally strategic as Databricks; adoption and/or interest is high for several new products, including for GenAI use cases; and five of five partners were on or above plan for Q3. The firm came away incrementally negative that, on average, customers are only expecting to increase their spend with Snowflake by 10% over the NTM.
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