Truist Just Upped Its Price Target on Snowflake Stock. Here's Why.

Snowflake (SNOW) stock ended in the red on Aug. 20, even though a senior Truist analyst issued a bullish note in favor of the cloud-based artificial intelligence (AI) data platform company. 

Miller Jump maintained a “Buy” rating on SNOW yesterday morning and raised his price target to $375, indicating potential upside of about 17% over the next 12 months. 

Truist’s bullish research report is particularly significant for Snowflake shares as they are already up more than 150% versus their year-to-date low.  

Snowflake to Report Strong Q2 Earnings

Jump’s constructive view is primarily based on expectations of a solid Q2 release on Sept. 2.

Consensus is for the company to record a loss of $0.51 per share for its second financial quarter, which would represent over 36% contraction on a year-over-year basis. 

“Our recent conversations with customers and partners over the last 90 days suggest Snowflake is benefiting from the 'getting your data ready for AI' investment cycle,” the Truist analyst told clients.

Note that Barchart also currently holds a “100% BUY” opinion on SNOW shares, indicating the broader technical setup heading into the earnings even remains overwhelmingly constructive. 

AI Is Proving a Tailwind for SNOW Shares

Truist highlighted Snowflake’s expanding suite of artificial intelligence offerings — such as Cortex AI — as the primary engine for long-term revenue growth, adding, “CoCo adoption is accelerating cloud migration projects.”

As enterprises move beyond initial AI experimentation into full deployment, they are centralizing vast datasets onto Snowflake’s unified platform to train and run customized models. 

Because Snowflake operates on a consumption-based business model, this surge in complex AI-driven queries directly translates into higher platform usage and accelerating product revenue. 

Truist believes this dynamic significantly improves Snowflake’s growth trajectory, supporting a premium valuation as artificial intelligence adoption deepens. 

What’s the Consensus Rating on Snowflake?

Crucially, other Wall Street analysts also agree with Truist’s bullish view on Snowflake shares for the remainder of 2026. 

According to Barchart, the consensus rating on SNOW sits at “Strong Buy,” with price targets as high as $500 indicating the stock could rally more than 50% from here.