Snowflake stock price target raised to $250 from $210 at Rosenblatt

Investing.com - Rosenblatt raised its price target on Snowflake Inc. (NYSE:SNOW) to $250 from $210 while maintaining a Buy rating following the company’s better-than-expected Q2 results. The stock, currently trading at $200.39 with a market cap of $66.7 billion, has delivered an impressive 79.6% return over the past year. According to InvestingPro data, analyst targets range from $150 to $440.

Snowflake reported Q2 product revenue growth of 32%, approximately 5% above Rosenblatt’s estimate, with total revenue reaching $1,145 million, exceeding both the firm’s forecast of $1,080.6 million and consensus estimates of $1,088 million.

The revenue beat and ongoing operating efficiency improvements drove Q2 margins to approximately 11%, compared to Rosenblatt’s 8% estimate, while product gross margins were in line at 76%.

Rosenblatt noted that Snowflake’s improved product development release cadence is resonating with existing customers, while the core offering continues to drive revenue performance, with trailing net revenue retention improving one point to 125%.

Following the Q2 results, Snowflake provided a Q3 revenue outlook approximately 1% higher than Rosenblatt’s prior estimate and raised its FY26 guidance by nearly 2%, prompting the firm to marginally increase its revenue forecast and introduce FY28 projections.

In other recent news, Snowflake Inc . has seen a series of positive developments following its strong second-quarter earnings report. The company reported product revenue of $1,091 million, marking a 31.5% year-over-year growth, which surpassed both BTIG’s estimate of $1,039 million and the Street consensus of $1,041 million. This strong performance has led several analyst firms to raise their price targets for Snowflake. Stifel increased its price target to $260 from $220, highlighting the company’s robust growth. DA Davidson also raised its price target to $275 from $250, noting a notable reacceleration in product revenue driven by large customer migrations. Evercore ISI set a new price target of $280, expecting accelerating revenue growth in the high 20% range. BTIG adjusted its price target to $276 from $235, citing the company’s impressive Q2 results. Additionally, Raymond James increased its price target to $230 from $212, describing the earnings report as a "beat and raise" quarter.

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