Snowflake Stock Surges After 'Milestone Quarter': Analyst Says 'AI Acting As A Catalyst'

Snowflake (NYSE:SNOW) stock is surging higher Thursday after the company beat analyst estimates for first-quarter revenue and earnings per share on Wednesday. Here's what leading analysts are saying after the report.

The Snowflake Analysts

• Rosenblatt analyst Blair Abernethy maintained a Buy rating on Snowflake and raised the price target from $275 to $285.
• DA Davidson analyst Gil Luria reiterated a Buy rating and raised the price target from $250 to $300.
• Scotiabank analyst Patrick Colville reiterated an Outperform rating and raised the price target from $205 to $285.
• Wedbush analyst Dan Ives maintained an Outperform rating and raised the price target from $270 to $280.
• RBC Capital analyst Matthew Hedberg maintained an Outperform rating and raised the price target from $220 to $284.
• Needham analyst Mike Cikos maintained a Buy rating and raised the price target from $200 to $300.
• KeyBanc analyst Eric Heath reiterated an Overweight rating and raised the price target from $200 to $285.
• Guggenheim analyst John DiFucci maintained a Neutral rating with no price target.
• Citizens analyst Patrick Walravens maintained a Market Outperform rating with a price target of $325.
• Cantor Fitzgerald analyst Thomas Blakey maintained an Overweight rating and raised the price target from $225 to $282.
• Benchmark analyst Yi Fu Lee reiterated a Buy rating and raised the price target from $200 to $270.

Rosenblatt on Snowflake

First-quarter results were strong for Snowflake, Abernethy said in a new investor note.

"We believe the core data cloud consumption and faster migrations helped drive the Q1 outperformance, and we see the trailing NRR increase to 126% as impressive," Abernethy said.

The analyst also highlighted the company's AI workloads, with the number of customers using Snowflake AI and ML workloads more than 13,600, up from 9,100 in the fourth quarter. Abernethy also highlighted that more than 5,000 customers are using Snowflake Intelligence, a figure that doubled quarter over quarter.

DA Davidson on Snowflake

Luria called the results a "milestone quarter" for Snowflake in a new investor note.

"Management noted that they continue to see strong momentum across the core business along with newer AI/ML and data engineering categories and are expecting trends to continue," Luria said.

The analyst highlighted Snowflake's strong traction from AI in the quarter.

"AI is acting as a catalyst for customers to move to Snowflake with increasing urgency."

Wedbush on Snowflake

First quarter beats were strong for Snowflake, Ives said in a new investor note. The analyst highlighted that more customers are spending more with the company.

"We continue to believe the software landscape is in the early innings of AI monetization as the disconnect induced by the ‘AI Ghost Trade' closes for SNOW," Ives said.

Ives said the quarter was a milestone for the company, using an analogy to NBA star Jalen Brunson of the New York Knicks.

"The strong consumption trends and AI workload momentum refute the Databricks share-shift narrative that has weighed on shares."

Ives said Snowflake should be able to "capitalize on the AI revolution."

Needham on Snowflake

Cikos said Snowflake is getting a "meaningful uplift from AI."

"The company is benefiting from a virtuous cycle where AI encourages greater usage of the core platform and vice versa," Cikos said.

Guggenheim on Snowflake

While DiFucci maintained a Neutral rating, the analyst noted a clear acceleration in Snowflake in the quarter, calling the results "very strong."

"While we believe AI helps Snowflake do what it does very well (cloud-based data warehousing and analytics), we continue to question the use of Snowflake to manage the datasets needed for core AI workloads," DiFucci said.

The analyst said changing ratings on an event might make "a dumb call look dumber."

Cantor Fitzgerald on Snowflake

Blakey called Snowflake's quarterly results a "standout print that meaningfully strengthened its AI-driven growth narrative."

"Importantly, AI appears to be compounding Snowflake's core value proposition rather than acting as a standalone product cycle," Blakey said.

The analyst said the strong revenue came from the core data platform and an increase in AI revenue, which was led by Cortex Code, the AI coding agent from Snowflake.

Snowflake Stock Price Action

Snowflake stock is up 37.5% to $240.97 on Thursday versus a 52-week trading range of $118.30 to $280.67. Snowflake stock is up 11.0% year-to-date in 2026.

Photo: Shutterstock