RBC Capital raised its price target for Snowflake Inc. to $440 from $372, citing accelerating artificial intelligence demand and a stronger outlook for the data cloud platform. The stock was trading at $375.68 at the time of the update, leaving it roughly 17% below the new target.
The upgrade follows a 37% year-over-year increase in product revenue for the second quarter, up from 34% in the prior period and 30% in the fourth quarter of fiscal 2026. RBC also raised its fiscal 2027 product revenue growth guidance to 36%, up from the prior estimate, reflecting expectations of continued acceleration into the third and fourth quarters.
Snowflake’s total revenue reached $1.547 billion, exceeding Rosenblatt’s estimate of $1.487 billion and the consensus expectation of $1.483 billion. The company maintains an Outperform rating from RBC Capital, which described Snowflake as a top growth idea and a tier 1 AI beneficiary amid an accelerating AI flywheel at scale.
Peer firms have also revised their targets upward. Scotiabank lifted its price target to $440, while Mizuho raised its estimate to $425. Stifel set a new target of $450, and Canaccord Genuity matched that level. Rosenblatt adjusted its target to $370, citing an estimated $1.487 billion in product revenue.
Snowflake’s shares have surged 217% from their 52-week low, reflecting strong investor interest in its AI-driven growth trajectory and expanding revenue base.
