Cantor Fitzgerald Lifts Snowflake Target to $405 as Q2 Beat Seen at 3%
Updated
Updated · Yahoo Finance · Sep 1
Cantor Fitzgerald Lifts Snowflake Target to $405 as Q2 Beat Seen at 3%
3 articles · Updated · Yahoo Finance · Sep 1
Summary
$405 is Cantor Fitzgerald's new price target for Snowflake, up from $282, with the firm keeping an Overweight rating ahead of fiscal Q2 results due Sept. 2.
A 3% product-revenue beat versus guidance is what Cantor now expects, narrower than Snowflake's 5.5% beat last quarter and a sign strong execution may not fully surprise Wall Street.
Q2 demand still looks solid: Cantor cited strong Cortex Code adoption, core usage and ongoing cloud migrations, with AI-driven consumption supporting the business.
Q1 set a high bar, with product revenue up 34% year over year to $1.3 billion and net revenue retention at 126%, while more than 13,600 accounts used Snowflake's AI capabilities.
The broader debate is whether incremental AI spending can outweigh customer cost optimization as data-layer consolidation accelerates, even as hedge-fund holders rose to 103 from 80.