Cantor Fitzgerald raised its price target on Snowflake Inc. to $430 from $405 on Thursday, maintaining an Overweight rating as the company’s artificial intelligence initiatives fuel revenue acceleration.
The stock was trading at $305.84 at the time of the revision, reflecting a market capitalization of approximately $106 billion. Snowflake’s product revenue grew 37% year-over-year in the second quarter of fiscal 2027, beating guidance by 5% and marking the third consecutive quarter of acceleration from 30% growth in the prior period.
AI adoption contributed roughly half of the revenue acceleration, with the company’s CoCo, CoWork, and AI Functions products driving higher core-platform consumption. CoCo usage surpassed 9,100 accounts, supporting faster AI-assisted migrations.
Analysts also noted Snowflake’s non-GAAP earnings per share of $0.62, exceeding the consensus estimate of $0.45. For the third quarter of fiscal 2027, the company guided product revenue growth of more than 6% above Street estimates at 37%, with a full-year projection of 36% growth—an increase of over 500 basis points from prior guidance.
Snowflake’s fiscal 2027 EBIT margin guidance was raised by 100 basis points to 14.5%, driven by revenue upside, disciplined hiring, and AI-enabled productivity gains despite a lower-gross margin AI mix.
Other firms also adjusted their targets: Needham raised its price target to $450, Morgan Stanley to $470, Raymond James to $425, Citizens to $488, and Deutsche Bank to $400.
