Snowflake CEO's Stock Award Another 'Positive' for AI Growth Strategy, RBC Says

MT Newswires Live07-17 22:17

Snowflake's (SNOW) performance stock unit award to Chief Executive Sridhar Ramaswamy is "another incremental positive" for the company, as it reinforces confidence in its artificial intelligence-driven growth strategy and leadership continuity, RBC Capital Markets said in a report emailed Friday.

The 1 million-share PSU award is structured in five tranches over seven years and aligns Ramaswamy's compensation with the creation of up to $100 billion in shareholder value. Vesting depends on Snowflake's shares achieving "90-day" average price targets ranging from $324 to $531 within two- to seven-year performance periods, while requiring the CEO to remain with the company, according to the report.

The firm said retaining a "technical, product-led CEO" is critical as AI reshapes enterprise software, adding that Snowflake remains its " favorite growth idea." The firm expects stronger estimates driven by "core data warehousing" demand, rising adoption of AI products and improving cloud spending, according to the report.

RBC maintained an outperform rating on Snowflake and raised its price target to $313 from $284, adding that the company trades at a discount to other high-growth software peers despite its AI opportunities, leaving room for both upward estimate revisions and "multiple expansion."

Price: 270.94, Change: +0.92, Percent Change: +0.34

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