TD Cowen analyst Derrick Wood reiterated a Buy rating on Snowflake (SNOW – Research Report) yesterday and set a price target of $210.00.
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Derrick Wood’s rating is based on several positive indicators for Snowflake’s performance and future prospects. He notes that the company has shown stability in its core SQL workloads and is gaining traction with new products like Data Engineering and Cortex AI, without significant macroeconomic impacts on demand. This stability and growth potential are expected to lead to a strong first-quarter performance and possibly higher financial targets for fiscal year 2026.
Derrick Wood also highlights Snowflake’s recent financial achievements, such as a notable revenue beat in the fourth quarter and a robust product revenue growth rate. The company’s partnerships and synergies, particularly with OpenAI and Azure, are seen as beneficial, enhancing Snowflake’s capabilities in handling structured and unstructured data. Additionally, the positive feedback on new leadership and innovation release cadence supports the optimistic outlook. These factors contribute to his Buy rating and a price target of $210.
According to TipRanks, Wood is a 5-star analyst with an average return of 15.5% and a 63.51% success rate. Wood covers the Technology sector, focusing on stocks such as Oracle, ServiceNow, and Domo.
In another report released yesterday, Mizuho Securities also maintained a Buy rating on the stock with a $205.00 price target.