Keybanc and RBC Capital have both raised their price targets for Snowflake (NYSE: SNOW), reflecting increased confidence in the company's growth trajectory. Keybanc analyst Eric Heath maintained an Overweight rating and increased the target to $325 from $285, while RBC Capital analyst Matthew Hedberg kept an Outperform rating and lifted the target to $313 from $284.

The revised targets indicate a more optimistic outlook on Snowflake's performance potential. Keybanc's adjustment represents a $40 increase from the previous level, whereas RBC Capital's revision adds $29 to its prior target.

Both firms cite the company's growth prospects as the primary driver for the upward revisions.

Enterprises are increasingly adopting the Snowflake data platform to strengthen trusted data foundations and support AI initiatives, according to a new research report published today by Information Services Group (ISG). The 2026 ISG Provider Lens global Snowflake Ecosystem Partners report finds that Snowflake is evolving from a cloud-native data warehouse into an enterprise environment for AI operationalization. Organizations are utilizing the platform as a central coordination layer for secure data access, collaboration, and AI-enabled business operations to address architectural complexity and interoperability requirements.

Strategic Modernization and AI Readiness

Many enterprises are pursuing controlled modernization strategies with Snowflake to reduce operational disruption while maintaining existing reporting structures. In regulated industries, organizations are migrating workloads from legacy environments using Snowflake’s separation of compute and storage. These approaches preserve auditability and continuity, allowing enterprises to concentrate on optimization and broader data usability as migrations mature. To support successful AI initiatives, companies are prioritizing AI-ready data environments that include strong metadata management and visible operations.

Multi-Platform Integration and Cost Management

Snowflake increasingly serves as a data consumption and collaboration layer within multi-platform operating models. Rather than consolidating on a single platform, enterprises are using Snowflake alongside other data and analytics platforms to support secure data sharing and operational reporting. This trend necessitates interoperable frameworks and seamless data movement across fragmented environments. To manage costs, companies are implementing workload optimization, warehouse right-sizing, and continuous performance monitoring within Snowflake environments.

Provider Quadrants and Leaders

The report evaluates the capabilities of 33 providers across two quadrants: Modernization and AI/ML Enablement Services and Managed Data and Optimization Services. ISG named several organizations as Leaders in both quadrants for their capabilities in the Snowflake ecosystem.

In addition to the Leaders, Genpact and phData were named as Rising Stars in one quadrant each. The report also recognized Hexaware as the global ISG CX Star Performer for 2026 among Snowflake ecosystem providers, citing the highest customer satisfaction scores in ISG's Voice of the Customer survey.