These Analysts Raise Their Forecasts On Snowflake After Q3 Results

Core Insights - Snowflake Inc reported strong third-quarter results with revenue of $1.21 billion, surpassing analyst expectations of $1.18 billion, and adjusted earnings of 35 cents per share, exceeding estimates of 31 cents per share [1][2] Financial Performance - The company expects fourth-quarter product revenue to be between $1.195 billion and $1.20 billion, reflecting a year-over-year increase of approximately 27% [3] - Adjusted operating margin is projected to be 7% in the fourth quarter, a decrease from 11% in the third quarter, which has negatively impacted share prices [3] Market Reaction - Following the earnings announcement, Snowflake shares fell by 11.2%, trading at $235.20 [3] Analyst Ratings and Price Targets - Keybanc analyst Eric Heath maintained an Overweight rating and raised the price target from $275 to $285 [5] - Baird analyst William Power also maintained an Outperform rating, increasing the price target from $260 to $270 [5] - Other analysts, including those from Cantor Fitzgerald, Morgan Stanley, Wells Fargo, Scotiabank, Canaccord Genuity, and Stifel, have similarly maintained positive ratings while raising their price targets, with the highest target reaching $299 [5]