Citi analyst Tyler Radke has maintained their bullish stance on SNOW stock, giving a Buy rating yesterday.
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Tyler Radke’s rating is based on several positive indicators for Snowflake’s future performance. The company has shown strong momentum in its new products, particularly in AI and data applications, which are expected to drive significant growth. The recent SNOW Summit highlighted the increasing adoption of these products, with partners and customers expressing enthusiasm for offerings like Cortex and Horizon.
Additionally, Snowflake’s strategic partnerships, such as with OpenAI, are bolstering its pipeline and accelerating momentum. Despite the challenging market environment, the company is maintaining stable consumption levels, especially within financial services. These factors, combined with the expectation of a typical ‘good’ beat in upcoming financial results and a raised target price, underpin Radke’s Buy rating for Snowflake.
In another report released yesterday, TD Cowen also reiterated a Buy rating on the stock with a $240.00 price target.
Based on the recent corporate insider activity of 241 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNOW in relation to earlier this year.