Snowflake beat on earnings and reported 33% annual revenue growth for the first quarter.

After the brutal 'SaaSpocalypse,' Snowflake is making a comeback. The software maker was on track to notch one of its best-ever days in the stock market on Thursday, thanks to a rally driven by its stellar earnings report and an expanded partnership with Amazon. The firm beat on earnings and reported 33% annual revenue growth for the first quarter, leading shares to soar to an intraday high of %244.92, a gain of almost 40% on the day. Traders were also cheering a $6 billion agreement with Amazon's AWS meant to accelerate enterprise AI adoption. Yet, the gains could still pile up for Snowflake stock, Bank of America said. Analysts pointed to the firm's strong momentum over the last quarter and lifted their price target to $300 a share, implying another 23% upside from Thursday's high. The iShares Expanded Tech-Software Sector ETF gained about 3% in the session. "Bullish all around," the bank wrote in a note to clients on Wednesday. "We think the results and outlook are solid evidence supporting our long-term positive view that Snowflake is a share gainer in a large and expanding AI business intelligence opportunity. We raise our forecasts for better new business & expansion assumptions," analysts said. It's been a wild year for Snowflake, which was one of the software battered by the AI-fueled sell-off this year. Shares had tumbled 44% year-to-date by mid-April, but are now up 102% from their trough. Bank of America pointed in particular to the firm's key product revenue growth, a "key growth metric" that expanded 34% year-over-year last quarter. That figure will likely accelerate, assuming that the company continues to display "strong execution" in the coming quarter, analysts said. Cortex Code, Snowflake's AI coding agent, will also likely fuel future growth, the bank added. Analysts speculated that the stock could see its next catalyst within the next few weeks, when Snowflake hosts its annual customer conference. The company is expected to unveil new products at the annual event, placing an emphasis on its AI-focused tools, they wrote. "Highlighting large enterprise customer wins and use cases could be a catalyst too, as it can help shake the bear narrative that the enterprise category is getting crowded," BofA said.

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