TLDR
- Snowflake reports Q1 FY27 earnings on May 27 after market close
- Options traders expect a ~13.52% move in SNOW stock post-earnings
- Wall Street expects EPS of $0.32 (+33.3% YoY) and revenue of ~$1.32B (+27%)
- TD Cowen (Buy, $255 PT) and Benchmark (Buy, $200 PT) are both bullish heading into the print
- Wall Street consensus is Strong Buy: 28 Buys, 2 Holds, average price target $224.32
Snowflake reports Q1 FY27 earnings on Wednesday, May 27, after the bell. The stock is down roughly 22% year-to-date, trading around $171, so there’s plenty riding on this one.
Options traders are pricing in a move of about 13.52% in either direction. That’s above the stock’s average post-earnings move of 11.85% over the past four quarters.
Wall Street expects EPS of $0.32, which would be a 33.3% jump year-over-year. Revenue is forecast to come in around $1.32 billion, up roughly 27%.
The key thing investors want to hear? Management’s read on demand from enterprise AI workloads.
TD Cowen analyst Derrick Wood reiterated his Buy rating and $255 price target ahead of the print. He pointed to partner conversations suggesting a strong quarter, with momentum in core cloud data warehouse consumption, competitive migrations, and growing AI adoption.
Wood is looking for stronger upside than the past two quarters and wants to hear more about consumption velocity from Cortex Code — Snowflake’s AI coding agent, also called CoCo.
Analysts Eye AI Workloads as Key Growth Driver
Benchmark analyst Yi Fu Lee raised his price target to $200 from $190 and kept his Buy rating. Lee thinks Snowflake is “highly likely to comfortably” beat Street estimates on product revenue, operating income, and margins.
His view is backed by positive checks across cloud, data, and AI workload trends. Lee expects momentum from Q4 FY26 to have carried into the start of FY27.
He’s watching three products in particular: Snowflake Intelligence (business analytics), Cortex Code, and Observe (the company’s observability tool). Together, he believes they’ll push AI adoption further — currently sitting at more than 9,000 accounts.
KeyBanc also holds an Overweight rating with a $200 price target, though it flagged mixed survey results on growth expectations and the potential impact of large language models.
Snowflake also recently secured a deal with the U.S. General Services Administration to give federal agencies access to its AI Data Cloud platform — part of a broader IT modernization push across government.
One Voice of Caution
Not everyone is leaning in. TipRanks’ AI Analyst holds a Neutral rating on SNOW with a price target of $177, implying just 3% upside from current levels.
The concern isn’t growth — it’s the balance sheet. The AI Analyst flagged ongoing GAAP losses, a negative P/E, and leverage risk, even while acknowledging solid cash generation and constructive forward guidance.
Bearish technicals are also part of the picture with the stock down sharply YTD.
Still, the broader Wall Street picture is firmly bullish. The consensus sits at Strong Buy, built on 28 Buys and just 2 Holds. The average price target of $224.32 implies about 30% upside from current trading levels.
Snowflake reports after market close on Wednesday, May 27.
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