Snowflake price target raised to $150 from $125 at Wells Fargo

Wells Fargo analyst Michael Turrin raised the firm’s price target on Snowflake (SNOW) to $150 from $125 and keeps an Equal Weight rating on the shares. The firm notes the company’s outsized Q3 beat is likely to help investors gain some comfort around model setup into next year. Bigger questions around competition, new products and whether growth can ultimately reaccelerate will drive multiples from here, Wells adds.