TD Cowen raised its price target for Snowflake (SNOW) from $300 to $370 on August 20, while maintaining an "Outperform" rating. The firm noted that Snowflake's AI coding tool, Cortex Code (CoCo), has driven the company's best sequential growth in its history. Company management has raised its full-year product revenue outlook for fiscal year 2027 to $5.84 billion, up from the previous expectation of $5.66 billion, representing a 31% year-over-year increase. Although Snowflake's stock has risen 48% year-to-date, TD Cowen anticipates continued upward pressure on valuation but believes that the "easy re-rating" may have already occurred, and new surprises will be needed to drive further stock appreciation.