As previously reported, Argus analyst Joseph Bonner initiated coverage of Snowflake with a Hold rating. The company is in a building phase as it invests in new product enhancements, particularly around AI/machine learning which are not generating near-term revenue, even though they may begin to payoff sometime in the future, the analyst tells investors in a research note. Argus adds that while product revenue growth is Snowflake’s key performance indicator, the firm also would like to see renewed traction in the company’s customer metrics and margins before considering an upgrade.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SNOW:
- Snowflake initiated with a Hold at Argus
- Zeta Global price target raised to $35 from $30 at Truist
- Snowflake’s (SNOW) Questionable Capital Allocation Strategy Calls for Caution
- Qualcomm eyes Intel deal while Apollo offers investment: Morning Buzz
- Snowflake hacker still active, recently broke into new orgs, Bloomberg reports