Snowflake price target raised to $172 from $142 at Barclays

Barclays analyst Raimo Lenschow raised the firm’s price target on Snowflake (SNOW) to $172 from $142 and keeps an Equal Weight rating on the shares following the Q3 report. It seems like Snowflake could stabilize at its current growth levels considering its healthy remaining performance obligation bookings and stabilizing net recurring revenue trends, the analyst tells investors in a research note. The firm says given that the market was assuming an ongoing deceleration, investors need to re-evaluate their assumptions and should see shares higher.