Monness, Crespi, Hardt raised its Snowflake price target to $320 from $282.
The firm maintained its "buy" rating on the stock.
The revision followed Snowflake's first-quarter fiscal 2027 financial results, which surpassed expectations.
The data cloud company also increased its full-year revenue forecast.
Multiple Wall Street firms also raised their price targets.
Analysts cited Snowflake's strong, above-expectation revenue growth as a key driver.
Rising adoption of its artificial intelligence products also supported the positive outlook.