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Snowflake Benefits From AI-Driven Data Platform Modernization, Macquarie Says

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Snowflake (SNOW) AI efforts are driving investments in data platform modernization, while the company is benefiting from accelerating data warehouse migrations, Macquarie said.

The investment firm said in a note Thursday that management expects continued momentum in the core data platform business and a meaningful step-up in revenue from Snowflake's agentic front ends.

Management raised fiscal 2027 product revenue guidance by 5 percentage points to 36% year over year. Macquarie raised its 2027, 2028 and 2029 product revenue estimates by 4%, 8% and 11%.

The company is on the right track with its AI products and its rating balances a relatively high valuation against strong business fundamentals, according to the research note.

Macquarie raised its price target to $350 from $200 on Snowflake, while maintaining a neutral rating.

Shares of Snowflake were down 3.7% in Friday afternoon trading.

Price: $343.15, Change: $-13.33, Percent Change: -3.74%

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