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Investing.com - RBC Capital has raised its price target on Snowflake Inc. (NYSE:SNOW) to $275 from $250 while maintaining an Outperform rating on the stock. Currently trading at $200.39, with a market capitalization of $66.7 billion, Snowflake has delivered an impressive 79.6% return over the past year. According to InvestingPro data, analyst consensus remains strongly bullish, with price targets ranging from $150 to $440.
The firm cited Snowflake’s "very strong quarter" that showed acceleration at scale, including 32% product revenue growth compared to 26% quarter-over-quarter and consensus expectations of 25.5%.
RBC Capital noted that strong core consumption trends are being accompanied by new AI product traction and go-to-market changes that "continue to pay dividends" for the company.
Snowflake raised its fiscal year 2026 product revenue guidance by more than the quarterly beat, with RBC suggesting that second-half 2026 growth is "likely biased higher on strong momentum."
The firm increased its price target based on higher estimates and identified Snowflake as its "top large-cap pick" in the sector.
In other recent news, Snowflake Inc . reported impressive second-quarter fiscal 2026 results, with non-GAAP earnings per share of $0.35, surpassing the consensus estimate of $0.27. The company also achieved total revenue of $1.14 billion, exceeding the expected $1.09 billion, marking a 32% year-over-year growth. Following these strong earnings, several financial firms have adjusted their outlooks for Snowflake. Citizens JMP raised its price target for the company to $283, maintaining a Market Outperform rating. Goldman Sachs increased its price target to $260, while UBS set a new target of $285, both firms maintaining a Buy rating. JPMorgan also raised its price target to $255, highlighting Snowflake’s advancements in artificial intelligence and machine learning. These developments reflect a positive sentiment among analysts, driven by Snowflake’s accelerated product revenue growth and innovation in data technologies.
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