Citi raised its price target on Snowflake ahead of the cloud-based data storage company’s latest earnings report. Snowflake is due to report its earnings after the closing bell on Aug. 27. Heading into this release, Citi analyst Tyler Radke reiterated his buy rating on the stock. Shares of Snowflake have surged 26% this year. Radke’s revised price forecast implies another potential upside of 28% ahead. SNOW YTD mountain SNOW YTD chart As a catalyst, Radke pointed to Cortex, Snowflake’s suite of AI features. Enthusiasm present at Snowflake’s recent SNOW summit has also highlighted strong uptake, increasing AI momentum and “continued stable consumption amidst an uncertain environment.” “We are cautiously optimistic into F2Q26 print, following an encouraging SNOW Summit where partners and customers noted strong Cortex uptake in both usage and pipeline. Our checks were positive, with increasing multiproduct momentum that could drive acceleration into 2H26,” he said. “The OpenAI partnership has also boosted pipeline strength, driving rapidly accelerating momentum.” Given this increased optimism on Snowflake’s AI products ramp, Radke wrote that he was raising his fiscal year 2026 estimates. “We see F2Q beat cadence to be within the ~3-4% range, similar to last Q. We expect the FY26 raise to be bigger than the beat in Q2, driven by ramping AI and accelerating CRPO,” he said. “Profitability, on the other hand, could remain unchanged given AI innovations. Q3 guidance expected to be around 25-26%.”
