Snowflake initiated with a Buy at DA Davidson

DA Davidson initiated coverage of Snowflake with a Buy rating and $200 price target, stating the company has long been the industry-leading cloud data warehouse provider, and has expanded into products that capture additional workloads, particularly in the machine learning space. Despite cloud optimization, Snowflake remains in an advantageous position as it maintains best-in-class growth rates and looks to be positioned well as a cloud data company to benefit from increasing demand for artificial intelligence, the firm tells investors in a research note.