Snowflake price target raised to $200 from $180 at Oppenheimer

Oppenheimer analyst Ittai Kidron raised the firm’s price target on Snowflake (SNOW) to $200 from $180 and keeps an Outperform rating on the shares. The firm is keeping Snowflake as a top pick into 2025. Oppenheimer’s bullish thesis is predicated on a positive FY26 set-up, reflecting an in-line/slight upside initial guide to consensus with good prospects for a beat-and-raise cadence as the year unfolds from new products/AI workloads; realigning Iceberg expectations, from concerns over potentially lost storage revenue in FY25, to an emerging FY26 tailwind as it drives consumption; growing Cortex/AI momentum as cloud and LLM independence incentivizes customers to build apps on Snowflake; and room for OM expansion as investment normalizes after stepped-up FY25 investment.