Wall Street analysts are optimistic about Snowflake’s upcoming fiscal first-quarter earnings report, despite the challenging macroeconomic conditions. Various prominent firms, including Goldman Sachs, Evercore ISI, and Needham, anticipate that the cloud-based data storage company will demonstrate resilience, largely due to strong demand from large data centers and cloud service providers, even amid concerns tied to tariffs imposed during the Trump administration.
Recent predictions suggest Snowflake will post earnings of 21 cents per share on revenue nearing $1 billion for the three months ending April 30, with the results scheduled for release on Wednesday. Analysts are particularly keen to hear updates regarding Snowflake’s initiatives in artificial intelligence.
Goldman Sachs analyst Kash Rangan, who maintains a buy rating with a price target of $205 per share, emphasizes the company’s stable outlook, highlighting a lack of significant changes in management’s perspective compared to last year. Meanwhile, Needham’s Mike Cikos, with a target of $215, expresses confidence that Snowflake’s first-quarter performance will contribute positively to its overall annual outlook.
Analyst William Power from Baird expects a 24% increase in product revenue for Snowflake, noting ongoing customer initiatives related to cloud migration and data modernization, which should help alleviate some macroeconomic pressures. JPMorgan’s Mike Murphy sees his price target reach $210 per share, pointing to resilient consumption trends within the cloud ecosystem as encouraging signs for the company.
Overall, analyst insights reflect a hopeful perspective on Snowflake’s performance, suggesting that the company’s adaptability and strategic focus could lead to a promising quarter, despite external challenges.