Macquarie analyst Steve Koenig raised the price target on Snowflake Inc. (NYSE: SNOW) to $190.00 (from $160.00) while maintaining a Neutral rating.

The analyst commented, "SNOW delivered a strong 1Q, with product revenue up 26% Y/Y, $37M ahead of the high-end of the guidance range. Also positive, the company guided ahead of 2Q consensus product revenue and raised full-year guidance by $45M, more than the 1Q beat. RPO was another bright statistic, growing 34% Y/Y, while cRPO was up 31% Y/Y, as two large financial services customers that ran out of committed capacity in 4Q signed $100M + contracts. More middling, net revenue retention of 124% ticked down two points Q/Q. Also, although the company posted a 1Q operating margin of 9%, 4 points ahead of its guidance, it kept full-year operating margin and FCF margin targets unchanged at 8% and 25%, respectively, on hiring and lagging billings growth."