Snowflake shares jumped higher after posting a robust fiscal second‑quarter performance, and two leading Wall Street analysts signaled additional gains could be ahead. Morgan Stanley upgraded its rating to overweight and lifted its price target to $470, while Bank of America affirmed a buy rating and raised its target to the same level, implying roughly a 54% upside from the previous close. The analysts cited Snowflake’s third consecutive quarter of accelerated growth, driven by strong AI monetization, and noted the company’s guidance for 40% growth in the second half of the year.
The software firm reported adjusted earnings of $0.62 per share, surpassing the consensus estimate of $0.45. Revenue rose 35% year‑over‑year to $1.55 billion, beating the $1.5 billion forecast. Management also projected product revenue of $1.59 billion for the third quarter, exceeding the $1.5 billion consensus. Both analysts highlighted the accelerating product‑revenue trend as a particularly bullish sign.
Overall analyst sentiment remains overwhelmingly positive: of 52 analysts covering Snowflake, 46 rate the stock a buy or strong buy. The stock has gained roughly 39% year to date.
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