Snowflake Analysts Lift Price Targets to $450 After AI-Fueled Q2 Beat
SNOW has more than doubled off its 52-week low of $118.3 on elevated volume (2.7× avg).
Summary
Snowflake's Q2 beat and raised guidance triggered a wave of analyst price target increases, with Needham, Canaccord, and DA Davidson all moving to $450. The stock is up 21.5% to $371.50, hitting a new 52-week high of $384.56 and trading at its highest level since December 2021. Analysts highlight accelerating product revenue growth of 37% year-over-year and AI products contributing half of the revenue acceleration. The raised targets reflect growing confidence that AI adoption is driving durable consumption growth, not a one-quarter surge. Watch for continued momentum toward the all-time high of $429 set in December 2020.
At the time of this announcement, SNOW was trading at $368.49 on NYSE in the Technology sector, with a market capitalization of approximately $127.7B. The 52-week trading range was $118.30 to $384.56. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.