HSBC last night upgraded Snowflake to Buy from Hold with a price target of $289, up from $176. The company reported a "strong beat and raise quarter" with the fiscal 2027 outlook now embedding higher AI expectations from CoCo, the analyst tells investors in a research note. HSBC believes CoCo is still in the early phase of general availability and that its momentum will strengthen from here. Snowflake's stronger AI visibility betters the stock's risk/reward profile, contends the firm.
