{"id":51629,"date":"2026-05-29T11:30:08","date_gmt":"2026-05-29T11:30:08","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/51629\/"},"modified":"2026-05-29T11:30:08","modified_gmt":"2026-05-29T11:30:08","slug":"snowflake-just-had-its-best-day-ever-hsbc-thinks-theres-more-to-go","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/51629\/","title":{"rendered":"Snowflake just had its best day ever. HSBC thinks there\u2019s more to go"},"content":{"rendered":"<p>Shares of Snowflake are still attractive even after they had their strongest single-day performance on record, according to HSBC. The bank upgraded the cloud computing name to buy from hold. It also lifted its price target to $289 from $176. The new forecast implies upside of 20.8% from Thursday&#8217;s close. Snowflake skyrocketed more than 36% on Thursday, its best day ever, after announcing it will spend $6 billion on compute from Amazon. On top of that, the company reported better-than-expected fiscal first-quarter earnings thanks to demand for its artificial intelligence tools, such as Cortex Code, or CoCo. SNOW YTD bar SNOW year to date &#8220;We believe CoCo marks the clearest evidence of Snowflake&#8217;s AI monetisation opportunity,&#8221; HSBC analyst Stephen Bersey wrote. He noted that CoCo&#8217;s user base has grown to more than 7,100 accounts and &#8220;contributed meaningful AI revenue.&#8221; &#8220;Overall, this reflects strong early momentum and supports our view that AI is now accelerating both direct AI revenue and core platform consumption,&#8221; Bersey said. &#8220;Furthermore, we expect AI-led product adoption to deepen as more customers move from pilot to production workflows.&#8221; Despite Thursday&#8217;s massive surge, the stock is up only 9% for the year \u2013 lagging the S &amp; P 500&#8217;s 10.5% advance in that time. Shares were battered earlier in the year amid concerns that AI would take market share from &#8220;software-as-a-service&#8221; companies. At one point, Snowflake was down as much as 44% for the year on a closing basis. Most analysts are bullish Snowflake. Of the 52 who cover the stock, 45 rate it a buy or strong buy, according to LSEG.<\/p>\n","protected":false},"excerpt":{"rendered":"Shares of Snowflake are still attractive even after they had their strongest single-day performance on record, according to&hellip;\n","protected":false},"author":2,"featured_media":51630,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[20667],"tags":[25685,1498,9881,7544,25684,20943],"class_list":["post-51629","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hsbc","tag-amazon-com-inc","tag-business-news","tag-hsbc","tag-investment-strategy","tag-snowflake-inc","tag-stock-markets"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116657640163663050","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/51629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=51629"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/51629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/51630"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=51629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=51629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=51629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}