Snowflake Inc.(SNOW:NSD) Analysts Remain Bullish, raise targets

Analyst Coverage Change

On February 15, 2023, two leading analyst firms, Barclays(Rank#6) and STA Research(RANK#165), released reports regarding Snowflake Inc, a cloud-based data warehousing company. The reports provide a bullish outlook for the company’s stock, with both maintaining their positive ratings and target prices.

Barclays maintained its “Overweight” rating and raised the target price from USD 169 to USD 180, indicating a potential upside of 6.5%. The report highlights Snowflake’s growing customer base, strong financial performance, and expanding partnerships as key factors driving the company’s growth. The analysts also noted that Snowflake’s recent acquisitions, such as the data integration platform, Keboola, and the artificial intelligence and machine learning software company, Numerify, have the potential to enhance its product offerings and drive further growth.

STA Research also reiterated its “Strong Buy” rating for Snowflake and set a target price of USD 205, representing a potential upside of 28.4%. The report cites Snowflake’s innovative and disruptive technology, which has led to strong revenue growth and customer adoption. The analysts also pointed out that Snowflake’s focus on verticalization, or tailoring its products and solutions to specific industries, has led to increased customer engagement and revenue growth.

Snowflake Inc has been performing well in recent years, with its stock price growing more than 200% in the past year. The company’s cloud-based data warehousing platform has gained popularity among customers due to its scalability, flexibility, and ease of use. Snowflake has also been expanding its offerings with new products, such as Snowpark, a data engineering environment, and Snowsight, a machine learning-powered analytics platform.

Snowflake has partnerships with leading cloud providers, such as Amazon Web Services, Microsoft Azure, and Google Cloud, which provide access to a large customer base. The company has also expanded into new markets, such as Asia Pacific and Europe, where it has seen strong growth in customer adoption.

The reports from Barclays and STA Research suggest that Snowflake Inc is well-positioned for continued growth and success in the cloud-based data warehousing market. While there are risks, such as intense competition and changing customer needs, the analysts are bullish on the company’s prospects and see potential for significant upside for investors.

 

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