US Stock Market Move | Snowflake (SNOW.US) tumbled nearly 10% at the opening, but Wall Street still remains bullish. Growth has slowed slightly but remains strong.

After Snowflake (SNOW.US) announced its third quarter financial report and outlook, the stock price fell nearly 10% in early trading on Thursday. Despite short-term pressure, as the stock price has risen by over 70% so far this year, and AI business growth has exceeded expectations, most Wall Street institutions continue to give positive ratings. Citizens analyst Patrick Walravens pointed out that although Snowflake's quarter-over-quarter growth slowed from 32% in the previous quarter to 29%, it is still a impressive performance considering its business scale. Snowflake has added 370 new features this year, covering areas such as analytics, data engineering, artificial intelligence, and application collaboration. Among them, the enterprise AI agent Snowflake Intelligence, which opened in the third quarter, has achieved a $100 million AI revenue run rate, a quarter earlier than expected. Citizens maintains an "outperform" rating with a target price of $325. In addition, Snowflake's total addressable market (TAM) is expected to expand from $170 billion in 2024 to $355 billion in 2029, demonstrating significant long-term growth potential. Canaccord Genuity analysts Kingsley Crane and Daniel Reagan emphasize that the key highlight of this quarter is the AI business reaching $100 million in annual revenue, and Snowflake announcing a new $200 million partnership with Anthropic, which will bring more synergies at the go-to-market level. Canaccord has raised Snowflake's target price from $260 to $270 and reiterated a "buy" rating. Cantor also maintains a "hold" rating with a target price raised from $275 to $278. However, analyst Thomas Blakey points out that the stock price is under pressure mainly because product revenue is only 2.7% higher than the mid-point of guidance, not meeting the market's expectation of "over 3% above expectations," while operating profit did not bring further outperformance in the third quarter. Wedbush also reiterates an "outperform" rating and maintains a target price of $270, while continuing to include Snowflake in the Ives AI Top 30 list.