Global Finance News
17 Aug 2026, 09:35
Snowflake Stock Slips 1% Premarket Despite Jefferies Reiterating Buy Rating
Snowflake (NYSE: SNOW) shares fell about 1% in premarket trading Monday even as Jefferies reiterated its Buy rating on the cloud data and artificial intelligence company.
According to the rating report, Jefferies analyst Brent Thill maintained a Buy rating on Snowflake and set a $385 price target. The target represents roughly 19% upside from the $326 share price.
The bullish stance reflects Snowflake’s strong position in the rapidly expanding enterprise AI and cloud data market. The company has been benefiting from rising AI-related workloads as businesses increasingly consolidate data and deploy generative and agentic AI applications through cloud platforms. Recent integrations with Alteryx and OptionMetrics have further expanded the capabilities available through Snowflake’s AI Data Cloud ecosystem.
Snowflake’s fundamentals have also remained strong. In its latest reported quarter, revenue rose 33% year-over-year to $1.39 billion, while the company raised its full-year product revenue outlook amid strong demand for its core platform and AI services.
The roughly 1% premarket decline appears modest in comparison with Snowflake’s recent strength, with the stock having reached a new 52-week high last week. Investors will next focus on Snowflake’s fiscal second-quarter results, scheduled for September 2, for further evidence that AI-driven demand can sustain the company’s elevated growth trajectory.
Snowflake (NYSE: SNOW) shares fell about 1% in premarket trading Monday even as Jefferies reiterated its Buy rating on the cloud data and artificial intelligence company.
According to the rating report, Jefferies analyst Brent Thill maintained a Buy rating on Snowflake and set a $385 price target. The target represents roughly 19% upside from the $326 share price.
The bullish stance reflects Snowflake’s strong position in the rapidly expanding enterprise AI and cloud data market. The company has been benefiting from rising AI-related workloads as businesses increasingly consolidate data and deploy generative and agentic AI applications through cloud platforms. Recent integrations with Alteryx and OptionMetrics have further expanded the capabilities available through Snowflake’s AI Data Cloud ecosystem.
Snowflake’s fundamentals have also remained strong. In its latest reported quarter, revenue rose 33% year-over-year to $1.39 billion, while the company raised its full-year product revenue outlook amid strong demand for its core platform and AI services.
The roughly 1% premarket decline appears modest in comparison with Snowflake’s recent strength, with the stock having reached a new 52-week high last week. Investors will next focus on Snowflake’s fiscal second-quarter results, scheduled for September 2, for further evidence that AI-driven demand can sustain the company’s elevated growth trajectory.
