SNOW Stock Set To Reclaim 200-DMA For First Time In 4 Months - Analyst Says Snowflake Could Start Trading Like An ‘AI Winner’

• Wells Fargo said Snowflake’s strong Q1 reinforced its view that the company is among the best-positioned software firms to monetize AI adoption.
• Canaccord sees a potential upside of 85% compared to the stock’s closing price on Wednesday.
• BofA raised its price target on the firm to $300.

Shares of Snowflake Inc. (SNOW) soared nearly 40% in pre-market trading on Thursday, putting the stock on track to decisively reclaim its 200-day moving average for the first time in four months after blockbuster first-quarter results and a massive $6 billion partnership with Amazon Web Services fueled bullish calls for as much as 85% upside ahead.

SNOW stock is currently on track to post its biggest monthly gains in a year.

Source: TradingView

Analysts Issue Strong Bullish Calls After Watershed Q1

On Thursday, Wells Fargo said Snowflake’s strong Q1 performance strengthened its conviction that the company is among the best-positioned software firms to benefit from the monetization of AI adoption.

The brokerage raised SNOW’s price target to $300, implying a potential upside of around 71% from Wednesday’s close, and maintained an ‘overweight’ rating, according to The Fly.

BofA also raised its price target on the firm to $300, adding that results and outlook are “solid evidence supporting our long-term positive view that Snowflake is a share gainer in a large and expanding AI business intelligence opportunity.”

Canaccord went even further, with analyst Kingsley Crane raising the price target to $325 from $240, while maintaining a ‘Buy’ rating. The updated price target implies an 85% potential upside.

The firm believes Snowflake is an AI winner and should start trading like one after it delivered a “watershed” Q1.

SNOW’s Q1 Earnings Fly Past Estimates

Snowflake reported Q1 revenue of $1.39 billion, up 33% from a year ago and ahead of Wall Street estimates of $1.32 billion, according to Fiscal.ai. Adjusted earnings came in at $0.39 per share, topping analyst expectations of $0.32.

The company also forecast Q2 and FY 2026 product revenue above consensus estimates.

Retail Remains Very ‘Bullish’ On SNOW

Retail sentiment on Stocktwits turned ‘extremely bullish’ from ‘bullish’ a day earlier, while message volumes on the platform surged by a whopping 2,379% over a 24-hour period.

One bullish user said that Snowflake has established itself as a “necessary piece of the AI puzzle.”

The stock is down more than 21% so far this year.

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