Snowflake Benefits From AI-Driven Data Platform Modernization, Macquarie Says

01:00 PM EDT, 09/04/2026 (MT Newswires) -- Snowflake (SNOW) AI efforts are driving investments in data platform modernization, while the company is benefiting from accelerating data warehouse migrations, Macquarie said. The investment firm said in a note Thursday that management expects continued momentum in the core data platform business and a meaningful step-up in revenue from Snowflake's agentic front ends. Management raised fiscal 2027 product revenue guidance by 5 percentage points to 36% year over year. Macquarie raised its 2027, 2028 and 2029 product revenue estimates by 4%, 8% and 11%. The company is on the right track with its AI products and its rating balances a relatively high valuation against strong business fundamentals, according to the research note. Macquarie raised its price target to $350 from $200 on Snowflake, while maintaining a neutral rating. Shares of Snowflake were down 3.7% in Friday afternoon trading. Price: 343.15, Change: -13.33, Percent Change: -3.74