Analyst Mark Murphy of J.P. Morgan maintained a Buy rating on Snowflake, retaining the price target of $225.00.
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Mark Murphy’s rating is based on Snowflake’s strong market positioning and its innovative product suite, which have been consistently well-received by partners and customers. The company’s strategy of accelerating product launches appears to be effective, as evidenced by positive feedback from industry events and discussions with key stakeholders. Additionally, Snowflake’s role as a center of data gravity is expected to benefit from broader industry trends, such as the shift towards data layer control points.
Furthermore, Snowflake’s financial outlook is promising, with achievable guidance for Q2 product revenue growth and operating margins. The company’s ongoing adoption by major clients and the increasing use of Apache Iceberg for data interoperability highlight its growing influence in the industry. Snowflake’s core capabilities in data warehousing and sharing are driving near-term growth, while emerging AI-related opportunities offer potential for future expansion. These factors collectively contribute to the Buy rating, reflecting confidence in Snowflake’s long-term growth prospects.
Murphy covers the Technology sector, focusing on stocks such as Cloudflare, Datadog, and Snowflake. According to TipRanks, Murphy has an average return of 9.6% and a 56.28% success rate on recommended stocks.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $250.00 price target.