Snowflake Inc. (SNOW) PT Raised to $250 at Rosenblatt

Rosenblatt analyst Blair Abernethy raised the price target on Snowflake Inc. (NYSE: SNOW) to $250.00 (from $210.00) while maintaining a Buy rating.

The analyst comments "Snowflake reported better than expected Q2 Product Revenue growth of 32%, a solid ~5% above our estimate, and Total Revenue of $1,145m (above our $1,080.6m and Consensus of $1,088m). The revenue beat and ongoing operating efficiency improvements drove Q2 margins to ~11% (versus our 8% estimate), with in-line Product Gross Margins of 76%. We believe Snowflake’s much improved product development release cadence since year is clearly resonating with its existing customers, while the core Snowflake offering continues to be the main driver of revenue performance; trailing NRR improved 1 point to a healthy 125%. With the better-than-expected Q2 consumption levels, the Q3 revenue outlook came in ~1% higher than our prior estimate, and the FY26 guide up nearly 2%. Post this Q2 beat, we are marginally increasing our revenue forecast, introducing FY28, and raising our target price to $250 (was $210)."

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