Snowflake climbs as analysts lift targets after Q2 results

Snowflake Inc (NYSE: SNOW ) analysts highlight the company’s second-quarter financial results and guidance and see the stock trading higher, even after hitting new multi-year highs. • Snowflake stock is approaching key resistance levels.

How is SNOW doing now? The Snowflake Analysts Rosenblatt analyst Blair Abernethy maintained a Buy rating on Snowflake and raised the price target from $345 to $370.

Needham analyst Mike Cikos maintained a Buy rating and raised the price target from $330 to $450.

Cantor Fitzgerald analyst Thomas Blakey maintained an Overweight rating and raised the price target from $405 to $430.

Canaccord Genuity analyst Kingsley Crane maintained a Buy rating and raised the price target from $325 to $450.

BITG analyst Gray Powell reiterated a Buy rating and raised the price target from $340 to $424.

DA Davidson analyst Gil Luria reiterated a Buy rating and raised the price target from $300 to $450.

JPMorgan analyst Samik Chatterjee reiterated an Overweight rating and raised the price target from $285 to $426.

Read Also: Snowflake Q2 2027 Earnings Call: Complete Transcript Rosenblatt on SNOW Stock Snowflake’s second quarter showed continued AI product adoption, Abernethy said in an investor note.

The analyst highlighted strong results with data warehouse migration and strong data cloud consumption. "We also see the healthy NRR of 126% as demonstrating strong customer renewals and uptake of the core platform," Abernethy said.

The analyst said new agentic AI products are helping customers build solutions and get more out of the Snowflake platform, leading to enterprises moving more and more data to Snowflake.

Needham on SNOW Stock Snowflake’s third consecutive quarter of product revenue growth acceleration was a highlight for Cikos. "AI adoption builds a flywheel for greater core consumption," Cikos said.

The analyst said Snowflake’s CoCo and CoWork are bringing new users to Snowflake. "Snowflake is offsetting increased Cloud costs with slowing salary expense as AI is driving greater efficiency and reducing reliance on headcount growth." Cantor Fitzgerald on SNOW Stock AI demand helped growth accelerate in the quarter, Crane said in a new investor note.

The analyst said second-quarter results were strong, highlighted by pre-cut revenue growth of 37% year-over-year. "We continue to view Snowflake as a leading beneficiary of secular AI growth trends with a unique position tied to new AI-related products that drive additive token-based revenue and increased consumption." Canaccord Genuity on SNOW Stock A highlight from Snowflake’s quarterly results was AI products contributing half of revenue acceleration, Crane said in a new investor note. "Snowflake’s Q2 materially strengthens our confidence that the reacceleration is becoming a durable consumption cycle rather than a one-quarter AI surge," Crane said.

The analyst said AI monetization is now showing up in the P&L statement. "We have greater confidence in the durability of consumption." BTIG on SNOW Stock Snowflake beat estimates in the quarter and raised guidance, items highlighted by Powell in a new investor note. "We thought it was another great quarter," Powell said.

The analyst highlighted net new product revenue growth hitting another record. "AI is driving urgency to consolidate data on SNOW, CoCo and CoWork are reaching broader adoption and monetization." DA Davidson on SNOW Stock Second quarter results were highlighted by "accelerating product revenue," Luria said in an investor note. "Management noted that they continue to see strong momentum across the core business and that their AI products such as CoCo and CoWork are working to drive further consumption," Luria said.

JPMorgan on SNOW Stock Product revenue acceleration in the quarter shows AI and Core upside, Chatterjee said in a new investor note.

The analyst said AI products, the core data platform and customer adoption of AI products all contributed to the strong quarter. "Led by the materially stronger outlook, with increasing proof points around acceleration in both core and AI revenues, we reiterate our OW [Overweight] rating." SNOW Stock Price Action Snowflake stock is up 21.5% to $371.50 on Thursday, with the stock hitting a new 52-week high of $384.56 earlier in the intraday trading session.

Snowflake stock is up 71% year-to-date in 2026, with shares trading at their highest level since December 2021.

The stock is also inching higher to an all-time high of $429 set in December 2020.

Read Also: Snowflake's AI Business Is Booming, But It's Making Less Money Doing It: CFO Brian Robins Reveals the Catch Image via Shutterstock