Stifel analyst Brad Reback raised the price target on Snowflake Inc. (NYSE: SNOW) to $220.00 (from $210.00) while maintaining a Buy rating.

The analyst commented, “Snowflake posted a strong 1Q, as product revenue beat by 4%, in-line with recent trends but above expectations (3%), driven by outperformance from newer products (Snowpark, Dynamic tables), no tangible impact from the macro, and broad-based consumption strength. Bookings were also healthy with cRPO increasing ~$50M Q/Q, the first 1Q sequential increase since FY23, as two large customers who went on-demand last quarter signed >$100M contracts.OM was ~350bps better, with opex only growing 15% Y/Y as its trended down Q/Q from 1Q25's 36% growth, and given our belief that Snowflake has yet to see the full benefits from the R&D hiring changes, we expect these margin gains to sustain, and see sustained, if not accelerating, op-margins in coming years. Looking forward, we expect core momentum, building backlog, new product adoption, and operational efficiency, to enable SNOW to maintain mid-to-upper 20% product revenue/fcf growth and margin expansion in coming years.”