Snowflake Shares Surge 10% on AI-Driven Revenue Beat and Wedbush Price Target Hike

Snowflake (NYSE:SNOW) shares jumped 10% on June 2, 2026, adding to a rally fueled by strong fiscal 2027 first-quarter results and a price target upgrade from Wedbush Securities on artificial intelligence monetization optimism. Product revenue rose 34% year-over-year to $1.33 billion, exceeding management’s forecast, driven by its AI coding agent Cortex Code, which launched in February and attracted 7,100 active accounts. The company raised its full-year product revenue guidance to $5.84 billion from $5.66 billion. Wedbush raised its price target to $280 from $270, reiterating an outperform rating as data integration becomes a core enterprise growth engine. Snowflake also announced a $6 billion multi-year infrastructure commitment with Amazon Web Services, including the use of AWS’s custom AI chips, reinforcing its cloud partnership. The stock reached a 52-week high of $280.17, extending a 38.8% surge from four days earlier after the earnings release.