Snowflake’s Q1 revenue of $1.39B and 34% product growth drive analyst upgrades amid AI-driven enterprise adoption.
Argus raised its price target on Snowflake (SNOW) to $300 from $250, citing the company’s critical role in generative AI infrastructure. The firm called Snowflake a “picks and shovels” play as enterprises accelerate AI adoption.
Snowflake reported Q1 non-GAAP EPS of 39 cents, beating estimates of 32 cents, while revenue reached $1.39B, above the $1.32B consensus. Product revenue grew 34% year-over-year to $1.33B, with CEO Sridhar Ramaswamy highlighting AI as a key growth driver.
Citi also upgraded its target to $320 from $260, calling the quarter “thesis-changing” due to successful AI workload monetization. The upgrades reflect confidence in Snowflake’s positioning in the AI ecosystem.