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Investing.com - Mizuho raised its price target on Snowflake Inc. (NYSE:SNOW) to $260.00 from $235.00 on Thursday, while maintaining an Outperform rating following the company’s second-quarter earnings report. With the stock currently trading at $200.39 and a market cap of $66.7 billion, InvestingPro analysis indicates the stock is trading near its Fair Value.
Snowflake delivered what Mizuho characterized as "outstanding" second-quarter results, with product revenue growth of 31.5% year-over-year, significantly exceeding Wall Street expectations of approximately 25.5%. This performance aligns with the company’s impressive 79.6% stock return over the past year, according to InvestingPro data, which offers 7 additional key insights about Snowflake’s performance.
The cloud data platform company also reported strong remaining performance obligation (RPO) and current RPO metrics, which grew 32.5% compared to the same period last year.
Mizuho noted it was "bullish" on Snowflake ahead of the earnings report but "was not expecting the company’s performance to be quite this strong."
Management increased its fiscal year 2026 product revenue guidance to 27% year-over-year growth, up from the previous forecast of approximately 25%, according to Mizuho’s research note.
In other recent news, Snowflake Inc . reported robust financial results for its fiscal Q2 2025, exceeding expectations with earnings per share of $0.38, surpassing the projected $0.27. The company also outperformed revenue forecasts, reporting $1.14 billion compared to the anticipated $1.09 billion. These results highlight significant growth and investor confidence in Snowflake’s performance. Additionally, Jefferies raised its price target for Snowflake to $270, up from $250, while maintaining a Buy rating, citing a record $53 million revenue beat and a 32% year-over-year growth in product revenue. Similarly, Truist Securities increased its price target to $270 from $235, also maintaining a Buy rating, due to a notable acceleration in product revenue. These developments reflect a positive outlook on Snowflake from major analyst firms. Both Jefferies and Truist Securities recognize the company’s growth trajectory in the data cloud sector. These updates underscore the recent advancements and market sentiment surrounding Snowflake.
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