Snowflake (SNOW): Eight Firms Raised Targets. Nobody Wants to Talk About the Multiple
On September 2, 2026, Snowflake Inc. reported stronger-than-expected second-quarter fiscal 2027 results, with revenue up 35% to $1.55 billion. Management raised full-year product revenue guidance to $6.07 billion from $5.84 billion. Eight firms quickly revised their targets, with Goldman Sachs raising its price target to $436 from $300, noting product revenue surpassed the Street by 5% and EBIT margins were 270 basis points ahead.
JPMorgan and Raymond James also raised their targets to $426 and $425 respectively, highlighting the company's AI-native control plane for enterprise workflows. Net revenue retention remained at 126%, and Snowflake added 692 net new customers. Despite the strong performance, the stock trades at a high valuation of 166.67 times forward earnings, leaving little room for absorption of potential soft quarters.
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