Snowflake Inc. (NYSE: SNOW) drew fresh attention from Wall Street ahead of earnings after Benchmark raised its price target on May 19 from $190 to $200 and reiterated a Buy rating. The firm expects Snowflake to deliver product revenue and operating income above market forecasts, citing strong traction across its AI-focused offerings. Benchmark said Snowflake Intelligence, Cortex Code, and Observe are helping expand AI adoption across more than 9,000 customer accounts, while cloud consumption and generative AI workloads are expected to support heavier use of the company’s AI Data Cloud platform.
The optimistic view from Benchmark follows a more cautious but still constructive update from RBC Capital on May 15. RBC lowered its price target on Snowflake from $245 to $220 but kept an Outperform rating. In its broader preview of first-quarter results for software companies, the firm described Snowflake’s near-term outlook as challenging but favorable. RBC said strong customer checks and increasing adoption of Cortex Code could help Snowflake post a solid quarter, with product revenue showing no slowdown and potentially modest acceleration.
Snowflake is a cloud-based data platform company that provides tools for organizations to build, use, and share data, applications, and AI models through its AI Data Cloud. The company has positioned itself as a key player in enterprise AI infrastructure as businesses continue to move workloads to the cloud and adopt generative AI applications. Its platform is designed to support data storage, analytics, and AI development across a broad range of industries, making it a closely watched name among investors seeking exposure to the AI growth theme.
The latest analyst commentary suggests growing confidence in Snowflake’s ability to benefit from rising AI demand, even as investors remain focused on execution and revenue trends heading into earnings. Benchmark’s higher target reflects expectations that AI-related products are gaining momentum and that Snowflake’s usage-based model could see stronger activity from existing customers. RBC’s revised target indicates some moderation in valuation assumptions, but its maintained Outperform rating signals continued belief in the company’s longer-term opportunity.
Snowflake remains one of the closely followed AI stocks in the market because of its role at the intersection of cloud computing, data infrastructure, and generative AI. As enterprises look for platforms that can manage large-scale data and support AI workflows, Snowflake’s product lineup appears to be benefiting from increased demand. The company’s upcoming results are likely to be scrutinized for signs of sustained product revenue growth, operating leverage, and customer adoption across its AI tools.
Both Benchmark and RBC point to a similar underlying theme: Snowflake may be entering a period where AI adoption and cloud usage continue to support business momentum, even if investor expectations remain high.
