Slowinski Sees Snowflake Re-Establishing Itself As An AI WinnerSlowinski said Snowflake’s first-quarter fiscal 2027 performance firmly returned the company to the “AI winner” category after product revenue grew 34%, well above management’s 27% guidance.The analyst said Snowflake’s results firmly placed the company back in the “AI winner camp”.He highlighted broad-based momentum across Snowflake’s core data warehousing business and newer AI offerings, particularly Cortex Code, while noting that accelerating adoption and higher platform usage are supporting growth.He also said AI is helping drive customer migrations to Snowflake and reducing concerns that AI could displace the company’s role in enterprise data infrastructure.Investor Day Shifts Focus To Margins And Spending DisciplineLooking ahead to Snowflake’s upcoming Investor Day, Slowinski said investors will focus on whether management can reinforce the durability of the company’s growth trajectory.While he does not expect major long-term financial targets, he believes the event could provide greater visibility into margin expansion, hiring plans, stock-based compensation discipline, and Snowflake’s ability to balance accelerating growth with improving profitability.BNP Paribas Raises Forecasts And Price ForecastBNP Paribas increased its fiscal 2027 product revenue growth forecast to 33.5% from 30%, reflecting stronger expectations for both core and AI-related revenue streams.Slowinski also raised his price forecast on Snowflake to $282 from $226 while maintaining an Outperform rating.He based the higher valuation on a 2.3% free cash flow yield and argued that Snowflake’s ability to sustain revenue growth above 30% warrants a premium valuation within the software sector.Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $283.10. Recent analyst moves include: