Snowflake Upgraded to Buy at HSBC, Citing Rapid AI Monetization

HSBC upgraded Snowflake (SNOW) from Hold to Buy.

Analysts raised the price target from $176 to $289. The stock recently jumped over 36% following stronger-than-expected first-quarter results and positive guidance.

HSBC attributes the upgrade to the successful monetization of AI products. These tools are accelerating both direct revenue and core data platform consumption. Rapid scaling of AI offerings provides improved visibility for future earnings.