SNOW
Another analyst hops on the Snowflake train
Snowflake is having one of those weeks where the market suddenly remembers it owns an AI story, not just a fancy data warehouse. BNP Paribas analyst Stefan Slowinski lifted his price target to $282 from $226 and kept an Outperform rating after Snowflake’s first-quarter fiscal 2027 results came in hotter than expected.
The core headline: product revenue grew 34%, which beat management’s 27% guidance by a mile. That’s the kind of beat that makes analysts sit up straighter and start rewriting their spreadsheets with a little more swagger.
Why bulls are grinning
Slowinski said Snowflake has pushed itself back into the “AI winner” camp, thanks to a mix of:
- stronger core data warehousing demand
- rising adoption of newer AI products like Cortex Code
- heavier platform usage
- customers using AI to migrate more data work onto Snowflake, not less
That last part matters. One of the bear cases was basically, “Wait, what if AI makes Snowflake less necessary?” Instead, the argument is flipping: AI may actually be making Snowflake more useful. Classic plot twist.
The next stop is Investor Day
Now the market is looking ahead to Snowflake’s Investor Day, where management may not drop some blockbuster long-term moonshot target, but could offer more clarity on the boring-but-important stuff investors obsess over:
- margin expansion
- hiring discipline
- stock-based compensation
- how fast growth can keep running while profits improve
That’s the real test. Anyone can get a pop from a shiny AI narrative. The trick is proving the story can keep paying rent.
Big picture: Snowflake’s latest earnings and the wave of analyst upgrades are helping turn this from a “show me” stock into a “maybe this is the real deal” stock — and the market loves a comeback arc.