On June 1, Snowflake rose 4.16% in regular trading, trading at $263.825/share, with trading volume of $504 million. The stock continues to build on the explosive rally that began after its Q1 earnings release and the announcement of a landmark strategic partnership with AWS.
On the news front, the sustained upside is driven by multiple catalysts. Snowflake reported Q1 revenue of $1.39 billion, surpassing the $1.32 billion consensus estimate by a wide margin, while adjusted EPS of $0.39 exceeded the $0.32 expectation. The company raised its full-year product revenue guidance to $5.84 billion and announced a five-year, $60 billion strategic procurement agreement with AWS covering Graviton chips and AI-focused GPUs. Additionally, HSBC upgraded Snowflake from hold to buy, raising its price target from $176 to $289, while Morgan Stanley lifted its target to $300, reflecting broad institutional confidence in the company's AI monetization trajectory.
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