Snowflake Inc. (SNOW) is having a moment. The data cloud company reported second-quarter results that blew past expectations, raised its guidance, and sent its stock soaring to levels not seen since 2021. And if you listen to the analysts who cover the stock, this might just be the beginning.
Shares of Snowflake jumped 21.5% to $371.50 on Thursday, after touching a new 52-week high of $384.56 earlier in the session. The stock is now up 71% year-to-date in 2026, trading at its highest level since December 2021. It's also inching closer to its all-time high of $429, set back in December 2020. The big question on everyone's mind: can it get there?
Based on the flurry of analyst notes that came out after the earnings report, the answer seems to be a resounding yes. At least seven analysts raised their price targets on Snowflake, with several setting targets at or above $450. That's a clear signal that Wall Street sees more upside ahead.
The Analyst Lovefest
Let's run through the highlights. Rosenblatt's Blair Abernethy maintained a Buy rating and bumped his price target from $345 to $370. Needham's Mike Cikos was more aggressive, raising his target from $330 to $450. Cantor Fitzgerald's Thomas Blakey went from $405 to $430, while Canaccord Genuity's Kingsley Crane jumped from $325 to $450. BTIG's Gray Powell moved his target from $340 to $424, DA Davidson's Gil Luria from $300 to $450, and JPMorgan's Samik Chatterjee from $285 to $426.
That's a lot of price target hikes, and they all seem to be pointing in the same direction: Snowflake's AI story is real, and it's driving tangible results.
Rosenblatt: AI Adoption Is Real
Abernethy highlighted Snowflake's continued AI product adoption in the second quarter, noting strong results in data warehouse migration and data cloud consumption. He also pointed to the company's healthy net revenue retention of 126% as evidence of strong customer renewals and platform uptake.
"We also see the healthy NRR of 126% as demonstrating strong customer renewals and uptake of the core platform," Abernethy said.
The analyst added that new agentic AI products are helping customers build solutions and get more out of the Snowflake platform, which is leading enterprises to move more and more data to Snowflake. It's a virtuous cycle: more data means more AI use, which means more data.
Needham: The AI Flywheel
Cikos was particularly impressed by Snowflake's third consecutive quarter of product revenue growth acceleration. He described it as an "AI adoption builds a flywheel for greater core consumption" situation.
"AI adoption builds a flywheel for greater core consumption," Cikos said.
He also noted that Snowflake's AI products, CoCo and CoWork, are bringing new users to the platform. And here's an interesting twist: Snowflake is offsetting increased cloud costs with slowing salary expenses, because AI is driving greater efficiency and reducing the need for headcount growth. In other words, AI isn't just a product story; it's also a margin story.
Cantor Fitzgerald: Leading the AI Charge
Blakey (wait, the article says Crane, but let's check... Actually, the source says Cantor Fitzgerald analyst Thomas Blakey, but then the quote is attributed to Crane. Let me re-read... The source says: "Cantor Fitzgerald analyst Thomas Blakey maintained an Overweight rating and raised the price target from $405 to $430." Then under "Cantor Fitzgerald on SNOW Stock," it says: "AI demand helped growth accelerate in the quarter, Crane said in a new investor note." That seems like a typo in the source, but I'll go with what's written. Actually, I should keep the names as they appear in the source. So I'll say Blakey said that. But the source says Crane. Hmm. To be safe, I'll attribute the quote to Blakey, since the section is about Cantor Fitzgerald and Blakey is the analyst mentioned. But the source says Crane. I'll just say "the analyst" to avoid confusion. Let me rephrase: "Cantor Fitzgerald's Thomas Blakey noted that AI demand helped growth accelerate in the quarter." But the quote is from Crane. Actually, the source might have a mistake, but I must not correct it. I'll just say "the analyst" and not name anyone. That's safer. Let me rewrite that section.
AI demand helped growth accelerate in the quarter, according to the Cantor Fitzgerald analyst. The analyst said second-quarter results were strong, highlighted by pre-cut revenue growth of 37% year-over-year.
"We continue to view Snowflake as a leading beneficiary of secular AI growth trends with a unique position tied to new AI-related products that drive additive token-based revenue and increased consumption."
That's a mouthful, but the point is clear: Snowflake is in the right place at the right time.
Canaccord Genuity: Durable Consumption
Crane (the Canaccord analyst) was particularly encouraged by the fact that AI products contributed half of the revenue acceleration in the quarter. That's a big deal.
"Snowflake's Q2 materially strengthens our confidence that the reacceleration is becoming a durable consumption cycle rather than a one-quarter AI surge," Crane said.
He also noted that AI monetization is now showing up in the P&L statement, which is a key milestone. "We have greater confidence in the durability of consumption."
BTIG: Another Great Quarter
Powell at BTIG was straightforward: "We thought it was another great quarter." He highlighted that Snowflake beat estimates and raised guidance, and that net new product revenue growth hit another record.
"AI is driving urgency to consolidate data on SNOW, CoCo and CoWork are reaching broader adoption and monetization."
It's a theme you hear again and again: AI is forcing companies to get their data in order, and Snowflake is the place they're choosing to do it.
DA Davidson: Strong Momentum
Luria at DA Davidson focused on the "accelerating product revenue" in the quarter. He quoted management as saying they continue to see strong momentum across the core business, and that AI products like CoCo and CoWork are working to drive further consumption.
"Management noted that they continue to see strong momentum across the core business and that their AI products such as CoCo and CoWork are working to drive further consumption," Luria said.
JPMorgan: Core and AI Upside
Chatterjee at JPMorgan saw product revenue acceleration as evidence of both AI and core upside. He said AI products, the core data platform, and customer adoption of AI products all contributed to the strong quarter.
"Led by the materially stronger outlook, with increasing proof points around acceleration in both core and AI revenues, we reiterate our OW [Overweight] rating."
What It All Means
So, what's the takeaway for retail investors? Snowflake is no longer just a story about data warehousing. It's become a key player in the AI revolution, and the market is rewarding it. The stock is approaching its all-time high, and analysts see room to run. Of course, nothing goes up forever, and there are always risks. But for now, the bulls are in control, and they're not shy about saying so.
As always, do your own research and consider your own risk tolerance. But if you're looking for a stock that's riding the AI wave, Snowflake is certainly one to watch.
