Snowflake (SNOW) stock has already delivered a powerful rally in 2026, but Oppenheimer believes the data cloud company still has plenty of room to run. The firm raised its price target to $400 from $295 while maintaining an "Outperform" rating, representing a roughly 36% increase in its target. The bullish call comes as Oppenheimer sees stronger consumption trends across regions and industries, along with accelerating adoption of Snowflake's AI coding agent, CoCo.
For a company whose revenue depends heavily on how much customers use its platform, that is an important development. Mark Cuban Says If You Win The Lottery, Don't Take The Lump Sum — And Tell People Who Ask for Money No, But 'Be Nice. No One Likes a Mean Billionaire' Analysts Keep Hiking Micron's Revenue and Price Forecasts - Shorting MU Puts Works Here JPMorgan Just Upgraded Salesforce Stock.
Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. SNOW shares have gained roughly 50% year-to-date (YTD) and more than 69% over the past year. The stock recently traded near its 52-week high, giving Snowflake a market capitalization of more than $116 billion.
This rally has been driven by accelerating product revenue, stronger customer spending, and growing demand for AI workloads. Also, Snowflake's consumption-based model gives investors another reason to pay attention because higher usage can translate directly into higher revenue. The only challenge is that expectations are already high.
Snowflake continues to compete aggressively with Databricks, while its earnings remain negative. That makes the latest Oppenheimer call particularly important because it suggests the company's growth trajectory could be stronger than the market currently expects. Oppenheimer's $400 price target is based on more than simply a bullish view of artificial intelligence.
Analysts led by Ittai Kidron see strong customer consumption and pipeline activity across geographies and verticals. They are also seeing accelerating adoption of CoCo, which could become an important driver of additional workloads on Snowflake's platform. Oppenheimer expects product revenue growth to accelerate to about 34.7% year-over-year (YoY), compared with its previous estimate of 33.5%.
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