Snowflake shares jump 24% on higher revenue forecast
SNOW•Broker views and adoption comments
Piper Sandler says enterprises are still in the early stages of adopting CoCo (AI-powered coding assistant) to power AI workloads, supporting expectations for further growth and accelerating demand.
Forty-six of 52 brokerages rate the stock "buy" or higher, five "hold" and one "sell" or lower; the median price target is $382, according to LSEG-compiled data.
Up to last day's close, the stock is up 39.2% year to date.
Shares jump after results beat estimates
Shares of Snowflake (SNOW.N) jump ~24% to $378.75 in premarket trading after the company beat Q2 estimates and raised its full-year product revenue forecast on strong cloud and AI demand.
Q2 revenue rose 37% to $1.49 billion and adjusted EPS was 62 cents, beating Street estimates of $1.48 billion and 45 cents, per LSEG, driven by AI product adoption.
Higher fiscal 2027 product revenue outlook
The AI and data cloud company now expects fiscal 2027 product revenue of $6.07 billion, up from its previous forecast of $5.84 billion.
