On August 21, Snowflake rose 3.09% in regular trading, trading at $331.33/share, with turnover of $811 million. The rally was driven by a wave of price target upgrades from major Wall Street firms over the past week, reflecting growing confidence in the company's AI-driven growth trajectory.

At least eight investment banks have raised their price targets on Snowflake in recent sessions. UBS boosted its target from $370 to $425, citing robust trends in the company's CoCo coding agent and Snowflake Intelligence products. Bank of America raised its target to $395, noting that software sector valuation multiples are expanding as fears of AI disrupting traditional software companies are fading. Truist lifted its target from $300 to $375, Oppenheimer raised to $400 from $295, Jefferies to $385, TD Cowen to $370, RBC to $372, and Mizuho to $355. Oppenheimer specifically modeled Q2 product revenue of $1.47 billion, approximately 3%-4% above consensus, supported by stronger core consumption and expanding CoCo adoption among roughly 15%-20% of customers. The company is scheduled to report fiscal Q2 results on September 2.

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