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Source document· April 15, 2026

KeyBanc Trims Snowflake’s Target to $200 as AI-Native Rivals Circle: Is the Data Cloud King Under Threat?

KeyBanc Trims Snowflake’s Target to $200 as AI-Native Rivals Circle: Is the Data Cloud King Under Threat?…

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The 2026 budget outlook moderated to 3% from 5% last quarter for enterprise software
60% confidence
Public cloud spending outlook slightly improved
60% confidence
The winners will be the platforms that combine trusted enterprise data, govern business metrics, secure execution and broad model choice and make all of it easily accessible. That's exactly what Snowflake was built to do.
60% confidence
20% of channel partners are seeing a reduction in software spend in favor of AI-native alternatives
60% confidence
The overall meets/beats rate improved to 88% from 81% for Q1
60% confidence
Component pricing pulled forward demand in server, storage, and networking
60% confidence
U.S. federal results for Q2 and full-year FY26 outlook weakened
60% confidence

Snowflake Inc. · price target	200 USD
Snowflake Inc. · customer growth	40 percent
Snowflake Inc. · net new customers	740 customers