In February and March 2026, Snowflake was the stock Wall Street couldn’t quite figure out. The stock was down 50% from the early January high to early April 2026, according to TradingView data. Snowflake was caught between a decelerating core business and an AI narrative that kept getting pushed further into the future.

Then Snowflake reported earnings. And the stock jumped 37% in a single session. Goldman Sachs responded with one of its most dramatic price target increases on a major software stock this year, raising its Snowflake (SNOW) target in a note shared with me at TheStreet.

SNOW is now trading at $255.37, up 16.42% year-to-date after the post-earnings surge, according to Yahoo Finance.

The Goldman note identified…