20+ Analysts Back Snowflake and Here’s Why We Agree

By Vandita Jadeja Published May 28, 9:37AM EDT

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Snowflake (NYSE:SNOW | SNOW Price Prediction) just delivered what CEO Sridhar Ramaswamy called “a milestone quarter,” with product revenue of $1.33 billion, up 34% year-over-year. The stock? Down 20.1% year to date. That gap between business momentum and share price makes this name interesting heading into 2030. Can Snowflake shares reach $600 by 2030, more than triple today’s price?

Why Snowflake Shares Are Stuck Despite a Beat-and-Raise Quarter

Snowflake is a consumption-model story trading at premium multiples in a market that punished growth software hard in early 2026. Shares fell from a November 2025 peak of $257.02 to a low of $144.48 in April 2026, and even with a 21.5% one-month rebound and a 4.96% one-week gain, the stock is still down 15.07% over the past year.

Investors are wrestling with persistent GAAP losses, heavy stock-based compensation, and consumption-model variability. A beta of 1.079 means SNOW amplifies tech sector swings. The stock lags the fundamentals.

Wall Street Sees 31% Upside. Our Model Sees More

The consensus take is constructive. 45 buy or strong-buy ratings, 6 holds, and zero sells back an analyst target of $229.14, implying 30.74% upside from here. Our base case for 2030 sits higher at $295.58, a 68.65% total return, with high confidence.

The bull case stretches to $550.33, a 234.92% total return. Wall Street 88% bullish sentiment still understates the AI platform shift. Analysts model Snowflake as a data warehouse. Management is rebuilding it as “the control plane for the Agentic Enterprise.” Those are different valuation regimes.

Wall Street is highly bullish on the stock with more than 20 analysts raising the price target. Wedbush raised the firm’s price target on Snowflake to $280 from $270 and keeps an Outperform rating on the shares while RBC Capital raised the firm’s price target on Snowflake to $284 from $220 and keeps an Outperform rating on the shares after its Q1 earnings beat.

Further, Morgan Stanley raised the firm’s price target on Snowflake to $300 from $245 and keeps an Overweight rating on the shares and KeyBanc analyst Eric Heath raised the firm’s price target on the stock to $285 from $200 and keeps an Overweight rating on the shares.

An infographic titled 'SNOWFLAKE Stock: The Path to $600'. The graphic presents financial data and predictions for Snowflake stock. The top section shows a 'BLAST PREDICTED PRICE (2030)' of $295.58, with an 'UPSIDE REQUIRED' of +242.3% to reach a 'BOLD TARGET (2030)' of $600. The middle section, under 'AT BOLD TARGET ($600)', lists 'FORWARD EPS' as $1.48 and 'IMPLIED P/E' as 405X. Adjacent to this, 'MARKET SENTIMENT' is shown with a Reddit gauge indicating 35 (Bearish) and an Analyst Consensus gauge showing 88% (Bullish). The bottom section, '2030 PRICE SCENARIOS (5-YEAR)', illustrates three possible outcomes: a 'BEAR CASE' of $197.14 (in a red box), a 'BASE CASE' of $295.58 (in a white box), and a 'BULL CASE' of $550.33 (in a green box). The infographic has a dark blue background with white, green, and red text elements.

The Path to $600 Per Share

Reaching $600 from today’s price of $175.26 would require a gain of 242.3%. With forward EPS of $1.48, a price of $600 implies a forward P/E of 405x on today’s numbers. Our base case of $295.58 already implies 124x, so $600 needs roughly 281x of further multiple expansion assuming flat EPS, which understates the trajectory. F

Y27 product revenue guidance was raised to $5.84 billion, 31% growth, and non-GAAP operating margin was lifted to 13.5%. RPO of $9.21 billion grew 38% year-over-year.

The bullish catalysts are real: the $6 billion multi-year AWS agreement, the deepened OpenAI partnership, and the Natoma acquisition for the Model Context Protocol platform. Snowflake Intelligence accounts more than doubled quarter over quarter, and 13,600+ accounts now use Snowflake AI.

If EPS compounds toward $6 to $8 by 2030, a $600 price becomes a 75x to 100x forward multiple, demanding but not absurd for a category leader. The primary risk: consumption optimization slows growth before margin leverage proves out.

Where Snowflake Trades Today vs Its Earnings Power

At $175.26, Snowflake trades at a current forward P/E of 118x against forward EPS of $1.48. That looks expensive in isolation. It looks reasonable against 33.5% revenue growth and 23% adjusted free cash flow margin guidance.

Shares sit 18% below the 52-week high of $280.67 and well above the 52-week low of $118.30. The five-year return of -26.37% shows how much speculative froth has already drained from the post-IPO bubble.

Can Snowflake Really Hit $600? My Verdict

Hitting $600 by 2030 requires a 242.3% gain.

Three things need to break right: EPS compounds toward $6+ on continued margin expansion, the AI agent platform thesis (Cortex Code, Snowflake Intelligence, Natoma) converts into durable consumption growth, and the broader software multiple environment does not collapse.

779 million-dollar customers, up 29%, says the engine is intact. Aggressive consumption optimization or a competitive AI stumble would derail it. We’ve outlined the blueprint for how Snowflake could reach $600 in 2030.

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About the Author Vandita Jadeja →

Vandita Jadeja is a financial copywriter who loves to read and write about stocks. She believes in buying and holding for long term gains. Her knowledge of words and numbers helps her write clear stock analysis. She has contributed to several publications, including the Joy Wallet, Benzinga, The Motley Fool and InvestorPlace.