Snowflake initated with an Overweight, $170 price target at Wells Fargo

Wells Fargo analyst Michael Turrin initiated coverage of Snowflake with an Overweight rating and $170 price target. While shares are down nearly 60% TTM as concerns around headwinds to cloud consumption models have surfaced, the firm’s work suggests Snowflake is built to better weather this storm given the company’s mission-critical technology, strong expansion dynamics inherent to this model and impressively well-balanced financial profile, Turrin tells investors in a research note.