Snowflake (SNOW) is set to deliver "solid" fiscal Q4 results as consumption trends run slightly above plan and the company continues to displace legacy data platforms despite intensifying competition from Databricks, Oppenheimer said in a note Wednesday.

The firm's channel checks suggest Q4 product revenue modestly above plan, pointing to upside of about 2% to 3% versus consensus. Street models call for product revenue growth of 27.3% year-over-year, in line with company guidance of 27%, which Oppenheimer views as a beatable bar.

The brokerage expects fiscal 2027 product revenue guidance of 24% to 25% year-over-year, broadly in line with the 24.7% consensus estimate. The firm said management has historically embedded conservatism in its initial outlook by discounting consumption and expansion trends and it expects a similar approach for fiscal 2027.

Snowflake is scheduled to report Q4 results on Feb. 25.

Oppenheimer maintained an outperform rating on Snowflake and trimmed the price target to $250 from $295.

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