Raymond James raised its price target on Snowflake Inc. to $425 from $275 while maintaining an Outperform rating, citing accelerating growth in artificial intelligence-driven products.
The firm joins peers in upgrading its outlook after Snowflake reported fiscal second-quarter results that topped analyst estimates. Adjusted earnings reached $0.62 per share, exceeding the consensus forecast of $0.45, while revenue climbed 37% year-over-year to $1.55 billion, ahead of the $1.48 billion projection.
Snowflake guided for third-quarter product revenue growth of about 38% and raised its full-year fiscal 2027 product revenue forecast to $6.07 billion, implying a 36% increase. Management attributed roughly half of the recent product revenue acceleration to AI offerings, including Cortex Copilot, which has driven broader platform usage among customers beyond AI-native firms.
Citizens also raised its target to $488 with a Market Outperform rating, while Deutsche Bank lifted its target to $400. Snowflake’s market capitalization stands at $106 billion.
Account metrics showed continued strength, with the CoCo product surpassing 9,100 accounts, up 2,000 quarter-over-quarter, and CoWork reaching 5,800 accounts.
