HSBC analyst Stephen Bersey has upgraded Snowflake from Hold to Buy, lifting his price target from $176 to $289. That’s a 64% bump in the target, which tells you something about how dramatically the narrative around this company has shifted in recent months.
The catalyst is straightforward: Snowflake’s AI products are no longer science experiments. They’re generating real revenue.
The numbers behind the upgrade
Snowflake’s fiscal Q1 results gave Bersey plenty of ammunition. Product revenue climbed 30% year-over-year, which is solid. But the real eye-catcher was bookings, which surged 42%, a signal that demand isn’t just holding steady but accelerating.
Management was confident enough to raise fiscal 2027 product revenue guidance to approximately 27% growth.
