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Investing.com - Citizens raised its price target on Snowflake Inc. (NYSE:SNOW) to $325.00 from $283.00 on Tuesday, while maintaining a Market Outperform rating on the data cloud company. According to InvestingPro data, the company currently commands a market capitalization of $90.1 billion, with analyst targets ranging from $170 to $440.
The price target increase follows comments made by Snowflake’s Chief Revenue Officer Mike Gannon in a video interview posted on social media. In the interview conducted outside the New York Stock Exchange, Gannon stated the company would "exit this year probably just over about $4.5B" in revenue and was "getting to $10B in a couple years." The company has demonstrated strong revenue growth of 28.37% over the last twelve months, though InvestingPro data indicates it remains unprofitable during this period.
Citizens analyst Patrick Walravens noted these statements may constitute selective disclosure under Regulation FD. The stock rose 3% intraday following the circulation of these comments.
Snowflake shares have increased approximately 73% year to date, significantly outperforming both the S&P 500 and Russell 3000, which have risen 15% and 16% respectively during the same period.
The data cloud platform provider continues to show strong momentum in the enterprise data management space, with the new price target reflecting Citizens’ confidence in Snowflake’s growth trajectory. Discover more detailed insights and 8 additional ProTips for SNOW through InvestingPro’s comprehensive research platform.
In other recent news, Snowflake has reaffirmed its revenue guidance for the third quarter and fiscal year 2026. This announcement came after an executive made unauthorized comments about the company’s future results during an interview. Snowflake clarified that the executive was not authorized to disclose financial information, advising investors not to rely on those statements. In a positive development, Wedbush has raised its price target for Snowflake to $270, citing the company’s potential to enhance growth through strategic innovations and marketing efforts. Additionally, Snowflake has entered into a strategic partnership with Palantir, integrating their AI platforms to improve data pipelines and AI applications. This collaboration is expected to benefit both commercial and public sector customers. Another strategic partnership was announced with Cognite to enhance industrial data sharing, aiming for real-time data flow between their platforms. These recent developments reflect Snowflake’s ongoing efforts to expand its capabilities and partnerships in the AI and data sectors.
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