Snowflake (SNOW) stock rose 6% on Tuesday after BofA Securities analyst Koji Ikeda showed confidence in the company’s momentum ahead of its fiscal Q1 earnings report on May 27, 2026. The Top analyst raised his price target and kept a Buy rating on Snowflake’s long‑term AI growth story.
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Currently, Wall Street analysts expect earnings of $0.32 per share for the quarter, compared with $0.24 in the year-ago quarter. Meanwhile, SNOW’s Q1 revenue is expected to rise 27% year-over-year to $1.32 billion.
BofA Sees Strong Demand Carrying into the Quarter
Ikeda said he expects Snowflake to post strong fiscal first-quarter results, pointing to solid demand trends that have continued into this year.
He downplayed concerns about softer spending in the Middle East, noting the region makes up only about 1% of Snowflake’s revenue. He said the company is still gaining share in the fast-growing, AI-driven business intelligence market.
Ikeda raised his valuation multiple, citing “higher execution confidence,” and said nothing in the upcoming quarter is likely to change his positive view.
It is worth noting that Ikeda ranks 857 out of more than 12,237 analysts tracked by TipRanks. He has an overall success rate of 55%, with an average return per rating of 10.2% over a one-year timeframe.
Citizens Analyst Says Big AI Opportunity Ahead
Citizens analyst Patrick Walravens also kept his upbeat view, holding an Outperform rating and $325 price target. He noted that some investors were let down by Snowflake’s slower outlook last quarter, but he said the long‑term story is still strong.
He pointed to a few key reasons:
- Snowflake’s platform covers data work, analytics, AI, and apps, and it shipped over 430 new features in Fiscal 2026.
- Snowflake has a big AI edge because its tools, Snowflake Intelligence and Cortex Code, keep all data rules and security in place, which is a major hurdle for many companies using AI.
- Snowflake’s market is set to more than double to $355 billion by 2029, plus another $50 billion from the Observe deal.
- Databricks is still tough competition, but the market is big enough for both.
- CEO Sridhar Ramaswamy is speeding up product work, backed by new CFO Brian Robins.
Is SNOW a Good Stock to Buy Now?
Turning to Wall Street, SNOW stock has a Strong Buy consensus rating based on 29 Buys and two Holds assigned in the last three months. At $222.32, the average Snowflake stock price target implies a 32.89% upside potential.
