On June 1, Snowflake rose 3.7% overnight, trading at approximately $266.5/share, with trading volume of $2.85 million. The stock continues to rally following a series of bullish catalysts over the past week.

On the news front, HSBC upgraded Snowflake from hold to buy and raised its price target sharply from $176 to $289, while Morgan Stanley lifted its target to $300, citing accelerating AI monetization. These upgrades extend the positive momentum from Snowflake's Q1 earnings report, which showed adjusted EPS of $0.39 (vs. $0.32 expected) and revenue of $1.39 billion (vs. $1.32 billion expected), both significantly beating consensus. The company also raised its full-year product revenue guidance to $5.84 billion and announced a landmark five-year, $6 billion strategic procurement agreement with AWS covering Graviton chips and AI GPUs. Multiple investment banks have collectively reaffirmed their bullish stance on Snowflake's AI-driven growth trajectory, sustaining upward pressure on the stock.

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