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Investing.com - Cantor Fitzgerald has raised its price target on Snowflake Inc. (NYSE:SNOW) to $275.00 from $242.00 while maintaining an Overweight rating on the data cloud company. The stock, currently trading at $200.39 with a market capitalization of $66.7 billion, is trading above its InvestingPro Fair Value.
The price target increase follows Snowflake’s quarterly results, which Cantor Fitzgerald described as the company’s "largest beat in absolute dollars as a public company." The firm noted that Snowflake exceeded the high end of its guidance by $50 million, representing a 5% upside.
Snowflake also raised its full-year product revenue guidance by $70 million relative to the $50 million beat achieved during the quarter, with a small contribution coming from its Crunch Data acquisition.
According to Cantor Fitzgerald, the strong performance was driven by Snowpark and AI/ML workloads, which aligned with the firm’s market checks and preview expectations.
The new $275 price target reflects a 1% increase in Cantor Fitzgerald’s calendar 2026 revenue estimate for Snowflake and an expanded multiple to 18x from 16x, which the firm notes trades in-line with EV/R/G relative to Databricks’ latest reported private funding round. The stock has demonstrated strong momentum with a 79.63% return over the past year.
In other recent news, Snowflake Inc . reported impressive second-quarter results, with total revenue reaching $1,145 million, surpassing consensus estimates of $1,088 million. The company achieved a 32% growth in product revenue, exceeding Rosenblatt’s forecast by approximately 5%. Following these strong earnings, several analyst firms have raised their price targets for Snowflake. Rosenblatt increased its target to $250, while Stifel raised it to $260, both maintaining a Buy rating. DA Davidson also raised its target to $275, highlighting a reacceleration in product revenue driven by large customer migrations. Evercore ISI set a new target of $280, projecting accelerating revenue growth in the high 20% range. BTIG adjusted its target to $276, citing Snowflake’s 31.5% year-over-year product revenue growth, which exceeded both their estimate and the Street consensus. These developments reflect a positive outlook from analysts following Snowflake’s robust performance.
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