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Truist Securities reiterated its Buy rating and $235.00 price target on Snowflake Inc . (NYSE:SNOW) Wednesday following positive results from the firm’s mid-year IT spending survey. The company, currently valued at nearly $70 billion, is trading near its 52-week high of $214.83, having delivered an impressive 64% return over the past year.
The survey revealed continued strong traction for Snowflake’s data cloud offering and indicated potential for continued growth momentum, according to Truist’s research note. The firm expressed surprise at the upside shown in survey responses regarding new product adoption. This optimism aligns with InvestingPro data showing robust revenue growth of 27.5% and 24 analysts recently revising their earnings estimates upward.
Truist highlighted Snowflake’s significant progress with its artificial intelligence offering over the past two years, noting developments observed following the company’s user conference and investor session held two weeks ago.
The research firm believes Snowflake is well-positioned to capture incremental workloads as investments in the AI vertical continue to grow. This positioning reinforces Truist’s confidence in maintaining its positive outlook on the company.
The survey specifically examined usage and spending intentions for Snowflake’s products, providing insights that supported the firm’s decision to maintain both its Buy recommendation and its $235.00 price target for the data cloud company.
In other recent news, Snowflake Inc. has been the focus of several analyst reports following its recent events and product announcements. Stifel reiterated its Buy rating with a $220 price target, highlighting Snowflake’s product expansion, including Snowpark and Dynamic Tables, and the company’s strategy for new offerings like Crunchy Data and Openflow. UBS also maintained a Buy rating with a $265 price target, noting strong data infrastructure spending as a potential tailwind for Snowflake, despite its competitive relationship with Databricks. Cantor Fitzgerald reaffirmed an Overweight rating with a $242 price target, emphasizing Snowflake’s strategic acquisition of Crunchy Data and its improved go-to-market strategy. Meanwhile, Needham reiterated its Buy rating with a $230 price target after Snowflake’s Summit 2025, where the company introduced Snowflake Intelligence, aimed at expanding AI capabilities. Analysts across the board have expressed confidence in Snowflake’s growth prospects, citing its strong positioning in the data cloud market and ongoing product development. These developments come as Snowflake continues to explore new partnerships and enhance its offerings. The company’s management remains focused on expanding its market reach and refining its strategic initiatives.
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