Snowflake price target raised by Cantor Fitzgerald amid AI growth

Snowflake Inc. has seen a boost in analyst sentiment following strong quarterly results. Cantor Fitzgerald analyst Thomas Blakey raised the price target for Snowflake from 405 USD to 430 USD, maintaining an ‘overweight’ rating. This adjustment comes despite a recent 5.4% decline in the stock price on the NYSE.

The optimism is driven by Snowflake’s second-quarter performance, which featured a 37% increase in product revenue, exceeding internal forecasts by 5%. This marks the third consecutive quarter of accelerating growth. Analysts suggest the company is well-positioned to benefit from the long-term artificial intelligence boom through increased usage of its AI agents.

In the broader technology sector, Dell has reported significant growth driven by AI server orders, while Marvell Technology experienced a stock decline despite record revenues, as investor expectations for immediate growth from major deals appeared to exceed current results.