Snowflake (SNOW) is expected to report "solid" Q1 results, benefiting from steady in-quarter consumption and pipeline generation across regions and verticals, Oppenheimer analysts said in a Tuesday note.
The company is scheduled to report its Q1 financial results on May 27.
Analysts said that Snowflake is receiving growing customer engagement with Cortex and Snowflake Intelligence, healthy large-deal activity, and accelerating demand toward the end of the quarter.
Oppenheimer said that Snowflake's competition with Databricks is intensifying as both vendors expand beyond their traditional strongholds, but noted that most enterprises operate in parallel with minimal head-to-head displacement.
Analysts said that the company's key driver remains data warehouse and analytics-driven consumption, but AI use cases continue to ramp up as a percentage of deals.
Oppenheimer has an outperform rating on the stock and a $250 price target.
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