With Snowflake’s earnings approaching, Benchmark lifted its Snowflake (SNOW) price target to $200 from $190 while keeping a Buy rating, citing AI-driven growth tied to Snowflake Intelligence, Cortex Code, and Observe. RBC Capital, meanwhile, lowered its target
On May 19, Benchmark moved fast before Snowflake’s earnings, raising its price target on Snowflake Inc. (NYSE:SNOW) from $190 to $200 and keeping a Buy rating. The firm said it expects Snowflake to report product revenue and operating income above market expectations.
Benchmark also pointed to specific products it believes are pulling more companies into Snowflake’s orbit. It highlighted Snowflake Intelligence, Cortex Code, and Observe as helping drive AI adoption across over 9,000 accounts. In the firm’s view. cloud consumption and generative AI workloads are expected to support increased usage of Snowflake’s AI Data Cloud.
Just days earlier, on May 15, RBC Capital took the opposite step—lowering its price target on Snowflake Inc. (NYSE:SNOW) from $245 to $220 while maintaining an Outperform rating. In a broader research note previewing Q1 results for software companies. RBC Capital said Snowflake’s outlook is “tricky but favorable.”.
RBC Capital linked its outlook to product momentum. It pointed to strong checks and growing adoption of Cortex Code as potential drivers that could help Snowflake deliver strong first-quarter results—without deceleration to modest acceleration in product revenue.
Those two moves land in a tight window ahead of earnings, but they don’t tell a single story. One firm is leaning into upside—product revenue and operating income expected to land above market expectations—while the other is adjusting expectations downward even as it keeps its Outperform stance.
Snowflake, for its part, is an American cloud-based data platform company. It offers an AI Data Cloud platform designed to enable organizations to build, use, and share data, applications, and AI.
In the market’s immediate focus. the question is simple: will adoption tied to Snowflake Intelligence. Cortex Code. and Observe translate into the kind of product revenue and operating income that Benchmark is looking for. or will RBC Capital’s “tricky but favorable” framing better match what investors see in Q1?.
Disclosure: None.
Snowflake SNOW earnings price target Benchmark RBC Capital AI Data Cloud Snowflake Intelligence Cortex Code Observe
So they raised it to $200 again?? Sounds like hype until earnings actually prove it.
RBC lowered from like $245 to $220 but still says Outperform like what. Make it make sense. Earnings is gonna decide I guess.
Cortex Code and Observe are “pulling companies” into Snowflake… or they just paid for the study? Not trying to be rude, just feels like they’re stretching the AI Data Cloud thing to sound good.
I don’t even know what Observe is but everyone keeps saying AI this AI that. If cloud consumption is up, cool, but product revenue ABOVE expectations?? last time I watched a stock do this it crashed right after earnings so… be careful.