Snowflake Inc. (SNOW) PT Raised at TD Cowen on 'Acceleration Across the Board'

TD Cowen analyst J. Derrick Wood raised the price target on Snowflake Inc. (NYSE: SNOW) to $275.00 (from $240.00) while maintaining a Buy rating.

The analyst commented: "Acceleration Across the Board; Reclaiming Its Superior Growth/Valuation Status; SNOW delivered 2Q growth of 32%, up from 26% in 1Q. Growth acceleration was seen across revs, cRPO, NRR, $1m+ customers & S&M headcount. We think results reflect dividends from SNOW's faster product innovation, increased sales efficiencies & broader platform adoption. Data/Analytics is proving to be a high spending priority & new AI tailwinds should only build from here.

While SNOW's Cortex AI offerings are a small direct contributor today, mgmt indicated they are helping convince customers to make broader platform commitments, and we see Cortex AI becoming a growing source of consumption as SNOW drives more center of gravity for data to fuel AI apps. Net net, SNOW is firing on all cylinders and proving out it is a wallet share winner in this AI cycle. Premium valuation warranted. Reiterate Buy. PT to $275 (~65x EV/CY26E FCF)."

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