Snowflake Inc. (SNOW) PT Raised to $400 at Deutsche Bank

Deutsche Bank analyst Brad Zelnick raised the price target on Snowflake Inc. (NYSE: SNOW) to $400.00 (from $350.00) while maintaining a Buy rating.

The analyst comments: “Snowflake reported another outstanding set of results with compounding CoCo momentum fueling another quarter of accelerating topline growth and margin expansion. Product revenue outperformance of 5.2% exceeded the 3.9% trailing 3yr avg and is the first time we've seen back-to-back 5%+ quarterly beats as consumption trends appear to have further inflected beyond the observed jump last quarter that was embedded in guidance for F2Q. This is even more apparent in F3Q Product revenue guidance that was set ~5.5% above Street and implies another sequential step up in y/y growth (potentially >40% assuming room for typical outperformance). Complimenting the strong topline trajectory, NGOM of 15.3% climbed 3.4pts q/q, the largest sequential jump in over three years, and FY27 guidance was lifted 1pt to 14.5% (incl. 1pt+ headwind from Observe) with increasingly powerful operating leverage shining through as the business reaccelerates and leans into CoCo and CoWork across the company to drive efficiencies.”

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