Snowflake (NYSE: SNOW) Stock Soars on Strong Analyst Confidence and AI-Driven Growth

• Cantor Fitzgerald analyst Thomas Blakey raised the price target for Snowflake Inc. (NYSE: SNOW) to $405, indicating a potential upside of 24.21%.
• Analysts project strong Q2 results for Snowflake, with expected earnings of $0.45 per share and revenues of $1.47 billion, marking significant year-over-year increases.
• Snowflake's stock has gained 47.15% year to date, driven by optimism that AI agents will boost data consumption and product revenue growth.

Snowflake Inc. (NYSE: SNOW) is a leading data-cloud company that provides a robust platform for data storage, processing, and analytics. It operates on a consumption-based revenue model, where customers pay for the resources they use. This model benefits directly from increased data usage, positioning Snowflake to capitalize on emerging trends like artificial intelligence (AI).

On August 31, 2026, Cantor Fitzgerald analyst Thomas Blakey raised the price target for Snowflake to $405. At the time, the stock was priced at $326.07, which means the new target represents a potential upside of 24.21%. This reflects strong confidence in the company's future performance and growth prospects.

This positive sentiment is echoed across the market. As highlighted by Benzinga, other top Wall Street analysts also project a significant rally, with some forecasts suggesting an increase of more than 23%. This widespread optimism is building ahead of the company's next earnings announcement, which is scheduled for September 2, 2026.

Analysts are expecting strong results in the upcoming report. According to Zacks Investment Research, projections for the second quarter include earnings of $0.45 per share, a 28.6% increase from the previous year. Revenues are also forecasted to reach $1.47 billion, which would mark a 28.8% year-over-year increase for Snowflake.

The company's stock has already gained 47.15% year to date, significantly outperforming the wider market. This momentum is partly due to the belief that AI agents will drive more data consumption. In its last quarter, Snowflake reported a 34% year-over-year increase in product revenue, leading management to raise its full-year guidance.