Snowflake (SNOW – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Kingsley Crane from Canaccord Genuity maintained a Buy rating on the stock and has a $220.00 price target.
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Kingsley Crane has given his Buy rating due to a combination of factors that highlight Snowflake’s potential for growth and stability. The company has demonstrated a strong performance in recent quarters, with a notable increase in product revenue and a promising outlook for its upcoming Q4 earnings report. This growth is supported by Snowflake’s ability to capitalize on expanding AI capabilities and stabilize its net revenue retention, which are expected to drive further momentum in the coming fiscal year.
Moreover, Snowflake’s strategic focus on new product contributions and scale efficiencies positions it well to benefit from improving consumption trends and customer acquisition. Despite some moderation in margin expansion, the company’s free cash flow margins remain robust, and there is potential for upside as newer products gain traction. These factors, combined with a favorable market valuation and a raised price target, reinforce Crane’s positive outlook and justify the Buy rating for Snowflake’s stock.
In another report released today, Citi also maintained a Buy rating on the stock with a $230.00 price target.