PhillipCapital initiates Snowflake stock with buy rating on AI growth

PhillipCapital has initiated coverage on Snowflake Inc. (NYSE: SNOW) with a buy rating and a price target of $423.00, citing the accelerating adoption of cloud-native platforms driven by rising enterprise data volumes and artificial intelligence. The firm noted that AI products contributed roughly half of the company’s second-quarter fiscal 2027 growth acceleration, with Snowflake’s CoCo and CoWork products surpassing 9,100 and 5,800 adopted accounts, respectively.

This contributed to a 37% year-over-year product revenue growth, the company’s strongest growth in three years.

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