Snowflake Inc. is set to report its first-quarter fiscal 2026 earnings on May 21, with analysts expressing optimism about the company’s performance, particularly driven by its AI initiatives. Jefferies has raised its price target for Snowflake to $220, highlighting the company as a leading AI breakout play with anticipated meaningful upside in the latter half of the year. Revenue expectations for the quarter are forecasted between $955 million and $960 million, representing a 21% to 22% year-over-year increase. Market sentiment ahead of the earnings release suggests a potential positive surprise, with implied stock price movement estimated at around 10.7%. Observers are keen to assess Snowflake’s progress in AI-related spending, which is viewed as a significant factor in the company’s growth trajectory.