We lower our price target by $9 to $199, using an EV/Sales ratio of 20x our FY 25 (Jan.) sales view, above peers on superior growth metrics but below SNOW’s 3-year average (~28x) on growth deceleration and a delayed path to meaningful profitability. We raise our FY 25 sales view by $25M to $3.49B and lower FY 26’s by $75M to $4.47B. SNOW posts above-consensus Apr-Q sales of $829M (+33% Y/Y) but below-consensus EPS of $0.14 (-7% Y/Y) as rising GPU costs weigh on profitability, which should constrain EPS growth this year. NRR of 128% fell by 300 bps Q/Q, the smallest decline in seven quarters, and we expect further stabilization this year on the 2H rollout of new products like Iceberg and Snowpark Container Services. Growth deceleration should be aided by SNOW’s significant RPO balance of $5.0B (-4% Q/Q, +46% Y/Y), including another large existing customer win ($100M) during the Q, which we think is being fueled by rising AI demand. We cut our FY 25 EPS view by $0.42 to $0.68 and lower FY 26’s by $0.42 to $1.22.