Snowflake (SNOW – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Tyler Radke from Citi maintained a Buy rating on the stock and has a $230.00 price target.
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Tyler Radke has given his Buy rating due to a combination of factors including Snowflake’s strong performance in the previous quarter and positive signals regarding consumption stabilization. Despite mixed signals from the market, particularly in AI monetization and macroeconomic caution, Radke sees potential in Snowflake’s growth trajectory. The company’s product revenue is expected to normalize within a favorable range, with a year-over-year growth forecast that aligns closely with market expectations.
Furthermore, Radke identifies a solid entry point for investors, with Snowflake trading at an attractive valuation. The anticipated acceleration in growth during the second half of the year, coupled with the promising AI developments, supports the Buy rating. Although there are some concerns about the pace of growth and profitability in the near term, the long-term outlook remains positive, with stable consumption patterns and opportunities in AI-related products.
In another report released yesterday, BTIG also upgraded the stock to a Buy with a $220.00 price target.
Based on the recent corporate insider activity of 193 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.