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cnbc.comSEP 32 min read$SNOW

Snowflake is ripping after its earnings report. Two analysts say there's more upside to come

Snowflake (SNOW) shares surged 24% premarket after strong Q2 earnings, with adjusted EPS of $0.62 vs. $0.45 expected and revenue of $1.55B vs. $1.5B. Morgan Stanley and Bank of America raised price targets to $470, citing AI-driven growth and strong execution. SNOW is up 39% YTD.

Original reporting
cnbc.com
Published Sep 3, 2026, 1:30 PM UTC
Analysis
alphai AI DeskAI-generated
Added to alphai Sep 3, 2026, 2:25 PM UTC. Informational, not investment advice.
How this was made
alphai summarizes source reporting and applies a structured AI analysis for relevance, timing, sentiment and ticker impact. Always verify material claims with the original publisher.
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Snowflake is ripping after its earnings report. Two analysts say there's more upside to come — source image
Source · cnbc.com
Decision brief

The 30-second read

$SNOWBullishHigh
01

Why it matters

The earnings release provides fresh, material data that could drive short‑term price moves and longer‑term positioning.

02

Market read

Earnings beat and upgraded targets make Snowflake a focal point for AI‑related tech trades.

03

What to watch

Potential margin pressure from rapid scaling and competition from larger cloud providers.

Relevance 9/10Novelty 9/10Timing: premarket Thursday

Background

Snowflake's earnings beat and guidance lift the stock sharply, prompting analyst upgrades.

Company-level read

Ticker impact

$SNOWBullishHigh confidence
Context

Snowflake reported Q2 earnings beat and raised product revenue guidance, driving a 24% pre‑market jump.

Expected impact

Expect continued buying pressure; target price $470 may be reached in weeks.

Evidence & confidence

Earnings beat, 35% revenue growth, and higher guidance align with analyst upgrades and a large price target increase.

Market effects

Sector

Positive for cloud and data‑analytics sector, reinforcing AI‑driven growth narrative.

Regional

U.S. tech equities may see broader gains as Snowflake leads the rally.

Global

Highlights demand for AI‑enabled data platforms worldwide.

Counterpoint

What could challenge this read

If product revenue growth stalls, the high valuation could pressure the stock.

Key entities

  • Company
    Snowflake Inc.

    Cloud data‑warehousing provider.

  • Analyst
    Morgan Stanley

    Raised price target to $470.

  • Analyst
    Bank of America

    Raised price target to $470.

Read at source← All news

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