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Update: Morgan Stanley Adjusts Snowflake Price Target to $470 From $300, Maintains Overweight Rating

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(Updates with the analyst's commentary.)

Morgan Stanley raised the price target on Snowflake (SNOW) to $470 from $300 while maintaining its overweight rating.

The brokerage said acceleration for a third quarter in a row "against a tough compare + high expectations" highlight how well artificial intelligence (AI) is performing in the core platform.

Snowflake raised fiscal full-year 2027 product revenue guidance by $230 million, compared with the $74 million Q2 beat, the brokerage said.

The company's AI strategy also allows for addressing cases "previously unavailable," including "finance or supply-chain optimization," Morgan Stanley said in its note.

Snowflake has an average rating of buy and mean price target of $422.88, according to analysts polled by FactSet.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Price: $367.76, Change: $+61.92, Percent Change: +20.25%

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