Analysts lifted Snowflake’s price target to $280 after fiscal Q1 earnings and outlook exceeded expectations, driving premarket gains.
Snowflake (SNOW) shares surged 35% in premarket trading Thursday following fiscal first-quarter results that surpassed estimates and an upbeat outlook. The strong performance prompted bullish analyst reactions, including a raised price target.
Wedbush maintained its Outperform rating on Snowflake and increased its price target to $280 from $270, citing heightened confidence in the company’s growth trajectory. The prior target had reflected more conservative expectations, while the new print underscores improving sentiment.
The rally reflects investor optimism over Snowflake’s ability to outperform in a competitive cloud data market, though broader market reactions remain to be seen in regular trading.