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Investing.com - Truist Securities raised its price target on Snowflake Inc. (NYSE:SNOW) to $270.00 from $235.00 on Thursday, while maintaining a Buy rating on the cloud data platform company. The stock, currently trading at $200.39, has delivered an impressive 79.63% return over the past year. According to InvestingPro data, analyst targets for Snowflake range from $150 to $440, reflecting diverse market expectations for this $66.7B market cap company.
The price target increase follows what Truist described as a "powerful acceleration" in Snowflake’s product revenue through the first half of the year, with top-line acceleration exceeding 500 basis points sequentially. This aligns with the company’s robust 27.5% year-over-year revenue growth, though InvestingPro analysis suggests the stock is currently trading above its Fair Value.
According to Truist, Snowflake’s performance was driven by broad outperformance across all four pillars of its offering: analytics, data engineering, AI applications, and collaboration.
The investment firm believes Snowflake is the strongest beneficiary in its coverage universe from the growing trend of enterprises looking to "get their data ready for AI," which could continue to drive upside in the second half of the year.
Following the strong results, Truist Securities increased both its estimates and price target for Snowflake, reflecting continued confidence in the company’s growth trajectory.
In other recent news, Snowflake Inc . reported impressive financial results for its fiscal Q2 2025, surpassing analysts’ expectations. The company achieved earnings per share of $0.38, significantly higher than the forecasted $0.27. Additionally, Snowflake’s revenue reached $1.14 billion, exceeding the anticipated $1.09 billion. This strong performance was highlighted by a record $53 million revenue beat, with product revenue growth accelerating by 6 percentage points to 32% year-over-year. In response to these developments, Jefferies raised its price target for Snowflake to $270 from $250, maintaining a Buy rating on the company. These updates reflect recent positive momentum for Snowflake, reinforcing investor confidence.
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