Snowflake, Datadog, MongoDB could see 'fresh headline risks' from hyperscalers
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Snowflake (NYSE:SNOW), Datadog (NASDAQ:DDOG), MongoDB (NASDAQ:MDB) and other cloud data stocks could see "fresh headline risks" when the large cloud computing companies report their quarterly results, investment firm Baird said.
Analyst William Power, who has an outperform rating on the three aforementioned companies,noted that Amazon (AMZN) Web Services is likely to see slowing growth in the second-quarter, which suggests further cuts to consensus. As such, worsening trends for Amazon, as well as Microsoft (MSFT) and Google (GOOG) (GOOGL) could further "pressure sentiment and results," Power explained.
"The Azure and AWS results and outlooks are likely to set the tone for upcoming cloud software earnings results, particularly consumption-based models, which include SNOW, DDOG and MDB," Power wrote in an investor note, adding the big question is how much of a potential slowdown is already baked into the stocks. 
Microsoft (MSFT) and Google (GOOG) (GOOGL) are set to report fiscal quarterly results on April 25 while Amazon (AMZN) is slated to report on April 27. 
Power added that estimates could come down "modestly" for other cloud software stocks such as the aforementioned trio, but Baird is still positive, citing "longer-term secular drivers."
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