Snowflake Inc. (SNOW) is set to report third quarter earnings after the closing bell on Wednesday, December 3, and Wall Street's sharpest analysts have been busy recalibrating their expectations upward.
The Bozeman, Montana-based cloud data platform company is expected to post quarterly earnings of 31 cents per share, a solid jump from 20 cents per share in the same period last year. Revenue consensus sits at $1.18 billion, compared to $942.09 million a year earlier, according to market data.
Snowflake shares climbed 3.1% to close at $259.68 on Tuesday, reflecting investor optimism heading into the earnings report.
What the Most Accurate Analysts Are Saying
Here's how the analysts with the strongest track records have positioned themselves ahead of earnings:
BTIG analyst Gray Powell, sporting an impressive 74% accuracy rate, maintained a Buy rating and lifted his price target from $276 to $312 on November 12. That's the highest target among this group of top-rated analysts.
Rosenblatt analyst Blair Abernethy, with a 69% accuracy rate, kept his Buy rating while raising the price target from $250 to $275 on December 1.
Mizuho analyst Gregg Moskowitz, who has a 68% accuracy rate, maintained an Outperform rating and increased his target from $260 to $285 on November 17.
Citigroup analyst Tyler Radke, accurate 67% of the time, held his Buy rating and bumped the price target from $275 to $310 on November 26.
Bank of America Securities analyst Bradley Sills, with a 65% accuracy rate, also maintained a Buy rating while boosting his target from $280 to $310 on November 17.
The consistent upward revisions suggest these analysts see momentum building for Snowflake heading into what could be a pivotal earnings report.
Recent Corporate Developments
Adding to the pre-earnings narrative, Snowflake announced last week that it entered into a definitive agreement to acquire Select Star and its platform technology, a move that could expand the company's data management capabilities.
With all five of these highly accurate analysts maintaining positive ratings and raising their price targets, the Street clearly has elevated expectations for Wednesday's report.
