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Investing.com - DA Davidson raised its price target on Snowflake Inc. (NYSE:SNOW) to $275 from $250 while maintaining a Buy rating following the company’s strong second-quarter fiscal 2026 earnings. The new target represents potential upside from the current price of $200.39, though InvestingPro analysis suggests the stock is currently trading above its Fair Value.
The firm highlighted a notable reacceleration in Snowflake’s product revenue, driven by outperformance in its core data warehouse business due to large customer migrations.
DA Davidson noted that Snowflake management reported seeing products across all four of the company’s product categories performing better than expected, with a clear path for durable growth.
The research firm’s analysis is based on developer activity tracked in its DaVinci Developer Dataset, conversations with The DEN, and Snowflake’s recent financial results.
DA Davidson continues to view Snowflake as a top pick in the software sector, according to its research note.
In other recent news, Snowflake Inc . has seen several positive developments following its second-quarter fiscal 2026 results. The company reported total revenue of $1.14 billion, surpassing the consensus estimate of $1.09 billion, and achieved a 32% year-over-year growth. Non-GAAP earnings per share came in at $0.35, exceeding the expected $0.27. These strong earnings have led multiple analyst firms to raise their price targets for the company. Citizens JMP increased its target to $283, while Evercore ISI adjusted its target to $280, citing accelerating revenue growth. BTIG also raised its price target to $276, highlighting the company’s product revenue of $1,091 million, which exceeded both their estimate and the Street consensus. Additionally, RBC Capital set a new price target of $275, pointing to Snowflake’s impressive quarter with 32% product revenue growth. Raymond James joined in by increasing their target to $230, following what they described as a "beat and raise" quarter for Snowflake.
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