Snowflake Inc Ordinary Shares

SNOW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Snowflake: Reaffirming No-Moat Rating as Competition Between Data Platforms Intensifies

Luke Yang

Apr 14, 2025

We are transferring coverage of Snowflake and maintaining the company’s no-moat rating. Snowflake is one of the leading data warehouse and data lake solutions that help enterprises consolidate data across different public clouds into a single source of truth. We think the competition among different data platforms is getting intense, and we are lowering our fair value estimate to $137 per share from $165 as we adjust our revenue and margin forecasts to reflect Snowflake’s heavy investment pressure to keep its product competitive. We believe shares are approximately fairly valued.

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Snowflake Inc Ordinary Shares

Snowflake: Reaffirming No-Moat Rating as Competition Between Data Platforms Intensifies

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