Benchmark Reiterates Buy Rating for Snowflake on AI Control Plane Role

Benchmark analyst Yi Fu Lee has reiterated a Buy rating for Snowflake Inc (NYSE: SNOW), maintaining a price target of $270 on June 2. The decision follows the opening keynote of Snowflake Summit 2026, where the firm’s analysts described the company’s start to the first fiscal quarter of 2027 as a “monster” performance. The price target remains under review pending an investor session scheduled for the same day.

During the summit’s opening keynote, Snowflake CEO Sridhar Ramaswamy co-hosted the session with Daniela Amodei, co-founder and president of Anthropic, and Julie Sweet, chair and chief executive officer of Accenture. The event highlighted a frontier artificial intelligence innovation theme, with Benchmark characterising Snowflake as a mission-critical agentic control plane or command centre required to execute these operations securely.

Financially, the company reported a robust start to fiscal 2027, prompting an upward revision in its outlook. Snowflake raised its full-year 2027 product revenue guidance by 400 basis points, now forecasting 31 per cent year-over-year growth. The firm noted that the company is using the summit to showcase its long-term vision alongside recent technology innovations.

While Benchmark acknowledges Snowflake’s potential as an investment, the report suggests that other artificial intelligence stocks may offer greater upside potential with less downside risk. The analysts pointed to broader market dynamics, including Trump-era tariffs and onshoring trends, as factors influencing their broader sector preferences.

Snowflake Inc operates as a cloud-based data storage company, providing platforms for data analysis, storage, and sharing. The firm’s positioning as a central infrastructure provider for artificial intelligence workflows appears to be a key driver behind the renewed institutional interest and the reaffirmed Buy rating.