11:17 AM EST, 11/21/2025 (MT Newswires) -- Snowflake (SNOW) is likely to post "strong" fiscal Q3 results on broad-based consumption trends, market momentum, and gains in artificial intelligence and machine learning workloads despite growing competitive headwinds, Oppenheimer said in an earnings preview Friday.

Channel checks indicated robust product attach rates, new product momentum, and growing C-level engagement during the quarter, essential for maintaining net revenue retention of 125% and supporting consumption into fiscal Q4, according to the note.

Despite an increasingly competitive environment, the general pattern continues to favor Snowflake for data warehouse workloads, with the company also getting into AI-driven workloads, analysts wrote.

Oppenheimer reiterated Snowflake as a top pick and maintained its outperform rating on the stock, with a price target of $295 per share.

Shares of Snowflake were down more than 5% in recent trading Friday.

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