Snowflake target raised at Canaccord ahead of earnings

Investing.com -- Canaccord Genuity raised its price target on Snowflake (NYSE: SNOW) by $30 to $220, as company is set to report fourth-quarter earnings on Wednesday. Stabilizing growth and AI-driven expansion are key themes for the company heading into fiscal 2026.

Snowflake’s stock has gained about 38% in the past three months, as investors look at product revenue momentum, net revenue retention stabilization, and AI monetization.

“We continue to see a buying opportunity in these trading ranges for a company well positioned to capitalize on an ongoing customer investment cycle in data management,” the note stated.

Snowflake’s Q3 results showed a 29% rise in product revenue to around $900 million, with its Snowpark platform gaining traction and expected to contribute 3% of total revenue in fiscal 2025.

Canaccord expects Snowflake’s Q4 report to show continued improvement in consumption trends, new customer acquisition, and early AI-driven revenue.

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