BTIG Maintains a Buy Rating on Snowflake (SNOW) After Q1 Report

On May 22, BTIG raised the firm’s price target on Snowflake Inc. (NYSE:SNOW) from $220 to $235, while maintaining a Buy rating on the stock. The price upgrade comes after the company announced results for the fiscal first quarter of 2026.

A software engineer at work, surrounded by a wall of computer monitors connected to a ‘Data Cloud’ platform.

Snowflake Inc. (NYSE:SNOW) reported growing its product revenue by 26% year-over-year to $996.8 million, with a net revenue retention rate of 124%. Notably, both the revenue and EPS came in above analysts’ expectations. The quarterly revenue topped expectations by $36.39 million, whereas EPS exceeded expectations by $0.03.

The firm noted Snowflake Inc. (NYSE:SNOW) posted much better than expected results during the first quarter and also updated its outlook for fiscal 2026. The company expects Q2 product revenue between $1.035 billion and $1.04 billion, representing 25% year-over-year growth. For the full year, Snowflake Inc. (NYSE:SNOW) increased the revenue guidance to $4.325 billion, representing 25% year-over-year growth. BTIG believes that the company can grow its Q2 product revenue at an accelerated pace compared to the first quarter, driven by its focus on AI workload.

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