Snowflake climbs as analysts lift targets after Q2 results

Snowflake Inc. analysts pointed to the company’s second-quarter financial results and guidance, with the stock trading higher even after hitting new multi-year highs. Analysts said Snowflake is approaching key resistance levels. Rosenblatt analyst Blair Abernethy maintained a Buy rating and raised the price target from 345 to 370.

Needham analyst Mike Cikos maintained a Buy rating and lifted the target from 330 to 450. Cantor Fitzgerald analyst Thomas Blakey kept an Overweight rating and increased the target from 405 to 430. Canaccord Genuity analyst Kingsley Crane maintained a Buy rating and raised the target from 325 to 450. BITG analyst Gray Powell reiterated a Buy rating and raised the target from 340 to 424.

DA Davidson analyst Gil Luria reiterated a Buy rating and raised the target from 300 to 450. JPMorgan analyst Samik Chatterjee reiterated an Overweight rating and raised the target from 285 to 426. Rosenblatt said Snowflake’s second quarter showed continued AI product adoption. Read Also: Snowflake Q2 2027 Earnings Call: Complete Transcript Abernethy said in an investor note that Snowflake posted strong results, with data warehouse migration and strong data cloud consumption among the drivers.

The analyst also pointed to a healthy NRR of 126% as evidence of strong customer renewals and greater uptake of the core platform. Abernethy said new agentic AI products are helping customers build solutions and get more out of the Snowflake platform, which is encouraging enterprises to move more data to Snowflake. Cikos said Snowflake’s third consecutive quarter of product revenue growth acceleration was a highlight. The analyst said AI adoption is creating a flywheel for greater core consumption, while CoCo and CoWork are bringing new users to Snowflake.

Cikos also said Snowflake is offsetting higher cloud costs with slower salary expense as AI drives greater efficiency and reduces reliance on headcount growth. Crane said in a new investor note that AI demand helped growth accelerate in the quarter. The analyst said second-quarter results were strong, with pre-cut revenue growth of 37% year-over-year, and said Snowflake remains a leading beneficiary of secular AI growth. Canaccord Genuity’s Crane said Snowflake’s quarterly results showed AI products accounting for half of revenue acceleration.

In a new investor note, Crane said the Q2 results materially increased confidence that the reacceleration is becoming a durable consumption cycle rather than a one-quarter AI surge. Crane added that AI monetization is now showing up in the P&L statement and said there is greater confidence in the durability of consumption. BTIG’s Powell said Snowflake beat estimates in the quarter and raised guidance, according to a new investor note. Powell called it another great quarter and pointed to net new product revenue growth reaching another record.

Powell said AI is driving urgency to consolidate data on SNOW, while CoCo and CoWork are reaching broader adoption and monetization. DA Davidson’s Luria highlighted accelerating product revenue in Snowflake’s second-quarter results in an investor note. Luria said management continues to see strong momentum across the core. Luria said Snowflake's AI products, including CoCo and CoWork, are helping drive further consumption.

JPMorgan's Chatterjee said product revenue acceleration in the quarter shows upside in AI and the core business, adding that AI products, the core data platform and customer adoption of AI products all helped drive the strong quarter. The analyst reiterated an Overweight rating, citing a materially stronger outlook and increasing evidence of acceleration in both core and AI revenues. Snowflake stock was up 21.5% to $371.50 on Thursday, after hitting a new 52-week high of $384.56 earlier in the intraday session. Shares were up 71% year-to-date in 2026, trading at their highest level since December 2021 and inching toward the all-time high of $429 set in December 2020.