Bank of America raises Snowflake price target to $205 ahead of strong Q1 earnings forecast

Bank of America increased its price target for Snowflake to $205 from $195, citing strong enterprise demand and early success with AI-driven tools ahead of the company's Q1 earnings report on May 27. The bank also raised its valuation multiple, reflecting confidence in Snowflake's execution and expected 30%+ product revenue growth in fiscal 2027. Attention is focused on Snowflake's AI tool Cortex Code, which shows promising adoption and higher usage among customers. Despite a recent leadership change, Bank of America expects continuity and will watch for strategic updates during the earnings call.