Goldman Sachs has raised its price target for Snowflake (NYSE: SNOW) to $278 from $216, reaffirming its "Buy" rating for the data cloud company. The upgrade follows Snowflake's impressive first-quarter fiscal 2027 financial results, where it surpassed analyst expectations for both revenue and earnings.
The investment bank's confidence stems from Snowflake's accelerating product revenue growth, which is being driven by strong demand for its artificial intelligence capabilities. The company's AI tool, Cortex Code, was specifically cited as a significant contributor to the optimistic outlook. Snowflake also raised its full-year revenue forecast, indicating sustained momentum.
This positive assessment was echoed by several other financial institutions, including Barclays, Morgan Stanley, and Piper Sandler, which also increased their price targets. The string of analyst upgrades comes as Snowflake's stock surged following the strong quarterly report and the announcement of a new strategic collaboration with Amazon Web Services (AWS).