Snowflake Q2 FY2027业绩大幅超预期并上调全年指引，多家券商上调目标价

Snowflake ( SNOW ) shares surged more than 20% during early market action on Thursday following its second-quarter fiscal 2027 earnings results . "CoCo has arrived as SNOW's killer AI capability, driving a 2nd straight >5% product revenue beat, 3rd straight quarter of growth acceleration, and record op margin," said Jefferies analyst Brent Thill in an investor note. "F3Q product rev growth of 37-38% and FY27 guide raised 5 pts to 36% were well above expectations. CoCo added >2k accounts q/q and reached >60% of the install base 2Qs after GA, with management calling it the easiest product SNOW has ever sold." Snowflake CoCo, also known as Cortex Code, is a data-native AI coding agent built to streamline and speed up the data development lifecycle. Jefferies maintained its Buy rating and increased its price target to $430 from $385. Similarly, Evercore ISI retained its Outperform rating and hiked its target to $430 from $360. "Management also interestingly noted demand for model choice was a key demand driver and was driven by cost optimization, though this seems to be a competitive differentiator for SNOW, rather than a headwind, as its ability to auto-route the best model is actually  driving incremental demand," said Evercore analyst Kirk Materne in a Thursday note. "Finally, op margins came in at ~15%, well above guidance of ~12.5%, demonstrating management's ability to deliver operating leverage while delivering mid-to-high 30% growth." Meanwhile, BTIG reiterated its Buy rating and boosted its price target to $424 from $340. "All in, we thought it was another great quarter," said BTIG analysts Gray Powell and Trevor Rambo in a note. "This $74MM product revenue beat relative to the midpoint of guidance marks the largest beat relative to guidance in company history. In addition, SNOW added $158MM in net new product revenue sequentially, eclipsing the $108MM record set just last quarter and marking the second consecutive quarter of record sequential dollar growth. AI is driving urgency to consolidate data on SNOW; CoCo and CoWork are reaching broader adoption and monetization, and AI users are consuming meaningfully more across the core platform." J.P. Morgan reiterated its Overweight rating and significantly raised its target to $426 from $285. "The FY27 product revenue guide moves to $6.07B, or +36% y/y, ~$213M above consensus, which now includes management's confidence in outlining a modest acceleration in Product revenue growth in F3Q over F2Q," said J.P. Morgan analyst Samik Chatterjee in a note. "Additionally, the raised FY Product revenue guide implies modest deceleration in Product revenue growth in F4Q following a robust F3Q, which we believe incorporates conservatism from the management team, leaving room for further material upgrades during the course of the fiscal year." Several other financial firms also increased their price targets on the stock following Snowflake's latest earnings report. Oppenheimer lifted theirs to $475 from $400; Piper Sandler increased it to $450 from $320; Citi raised it to $490 from $395; and Wells Fargo edged its target up to $525 from $500. Competitors in the dynamic cloud data platform sector, such as Amazon Web Services ( AMZN ) and Google ( GOOG )( GOOGL ) were up both up less than 1%.