Core Viewpoint - Snowflake Inc. is positioned as essential infrastructure for enterprise analytics and AI workloads, but faces challenges from rising competition and a premium valuation [1] Analyst's Take - Bank of America analyst Koji Ikeda maintains a Buy rating on Snowflake, lowering the price forecast from $310 to $275, while noting that product revenue growth could sustain a high 20% or potentially reaccelerate [2] - Ikeda believes that as AI adoption increases, customer spending on Snowflake's services should also rise, reinforcing its role as foundational infrastructure for enterprise data and AI workloads [2] - The analyst anticipates Snowflake will achieve top-tier growth compared to infrastructure software peers, alongside improving free cash flow margins [3] Competitive Landscape - The price forecast was reduced due to changing growth expectations, rising risks, and sector multiple compression [4] - Snowflake's stock trades at a premium compared to infrastructure software peers, but the valuation appears more reasonable when adjusted for growth rates [4] - Competition from hyperscalers and Databricks is highlighted as a significant risk, with potential impacts on pricing and the need for increased investment in innovation [4] Market Performance - As of the latest trading session, Snowflake shares are down 0.6%, trading at $198.13 [5]