Citi Raises Snowflake Target to $280 After 30% Q4 Sales Gain
Snowflake’s Q4 product sales rose 30% year-over-year to $1.23 billion, while remaining performance commitments climbed 42% to $9.77 billion. Citi raised its price target from $270 to $280 after citing stronger AI momentum entering fiscal 2027 and confirmed its Buy rating.
1. Citi Raises Price Target
Citi updated its model for Snowflake, raising its price target from $270 to $280 and maintaining a Buy rating. The firm highlighted stronger AI-driven demand as the primary driver behind its revised outlook.
2. Fiscal 2026 Q4 Results
In the fourth quarter ended January 31, 2026, Snowflake’s product revenue reached $1.23 billion, up 30% year-over-year, while remaining performance commitments climbed 42% to $9.77 billion. These metrics reflect accelerating consumption of the company’s cloud data platform.
3. Customer Additions & Partnerships
Snowflake added 733 new high-value customers, including a record number spending over $10 million, and 740 net new logos—a 40% increase year-over-year. Management emphasized strategic partnerships that leverage its AI, governance, and cross-cloud interoperability offerings.
4. Outlook for Fiscal 2027
Entering fiscal 2027, leadership is focusing on innovation, execution, and operational alignment to sustain AI momentum and maintain rigorous growth. These initiatives position Snowflake to reinforce its leadership in the corporate AI landscape.