Snowflake's stock surged 5.07% in extended trading, continuing its positive momentum from recent sessions.
The move follows the company's better-than-expected first-quarter results, which showed adjusted earnings per share of $0.39 versus the $0.32 consensus and revenue of $1.39 billion compared to the expected $1.32 billion. Snowflake also raised its full-year product revenue guidance to $5.84 billion and announced a landmark five-year, $6 billion strategic procurement agreement with Amazon Web Services covering Graviton chips and AI GPUs.
Adding to the bullish sentiment, HSBC upgraded Snowflake from hold to buy and sharply raised its price target from $176 to $289, while Morgan Stanley lifted its target to $300, citing accelerating AI monetization. These analyst actions have reinforced confidence in Snowflake's AI-driven growth trajectory.
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