Analysts on Wall Street think Snowflake is set to deliver another strong quarterly report despite a difficult macroeconomic backdrop. The consensus from analysts at firms ranging from Goldman Sachs to Evercore ISI to Needham is that the cloud-based data storage company’s results will largely show that it’s been able to shake off macroeconomic concerns tied to President Donald Trump’s tariffs, while demand from large-scale data centers and cloud service providers remains robust. Analysts said they will also be listening for updates on Snowflake’s artificial intelligence push. “Though no company is immune to the macro, we believe that SNOW’s consumption revenue is more durable today vs. the last macro pullback and we believe that our/Street estimates already incorporate a fairly healthy level of conservatism,” Evercore ISI analyst Kirk Materne wrote in a note last week. Analysts polled by FactSet estimate Snowflake will report fiscal first-quarter earnings of 21 cents per share on revenue of about $1 billion when results for the three months ended April 30 are released Wednesday. Here’s a closer look at what analysts are looking for in Snowflake’s latest quarter: Goldman Sachs, buy rating, $205 per share price target Analyst Kash Rangan expects little downside risk for the company’s full-year outlook, as Snowflake’s management view hasn’t materially changed from a year ago. Rangan’s price target implies roughly 13% upside from Monday’s $182.05 close. “We see potential for beat and flow-through, supported by Datadog and Hyperscalers seeing stable consumption trends in April that serve as positive read-throughs for Snowflake,” Rangan said. “Furthermore, we see limited risk to FY26 guidance, underpinned by Management’s unchanged philosophy vs. FY25 with considerations of a weaker FY25 starting point (see discussion with company): CEO transition, slower-than-anticipated usage trends, and added conservatism around potential Storage Revenue headwinds.” Needham, buy, $215 target Analyst Mike Cikos’ price target calls for 18% upside, fueled by expectations that some of Snowflake’s potential first-quarter upside will pass through in to its full-year outlook. “We anticipate the magnitude of Revenue outperformance will be in line with management’s recent track record, if not ahead — as Consumption-based names and Hyperscaler data points have been largely positive this cycle (barring the optimization headwinds cited by Confluent),” Cikos said. Baird, outperform, $200 target Analyst William Power is looking for an incremental increase to Snowflake’s full-year outlook, including 24% product revenue growth. “Our industry conversations have suggested limited macro impact and a continued customer focus on cloud migrations and data modernization,” Power said. “Investors will be focused on consumption trends broadly, along with progress with Cortex AI (we picked up positive feedback at events intra-quarter) and other newer products.” JPMorgan, overweight, $210 target Analyst Mike Murphy’s $210 per share price target calls for more than 15% upside. “Heading into Snowflake’s FQ1 results, we believe some investor debate remains around the underlying health of cloud consumption activity, though based on recent trending across hyperscaler/consumption peers and other indications across our cloud ecosystem contacts, our sense is that fundamental trends likely remain fairly resilient, and we see some company-specific drivers for Snowflake,” Murphy said.
