Snowflake price target raised to $180 from $155 at JPMorgan

JPMorgan raised the firm’s price target on Snowflake to $180 from $155 and keeps an Overweight rating on the shares following the investor day. Snowflake reaffirmed its fiscal 2029 $10B product revenue target and raised its operating margin and free cash flow margin targets, while commenting that consumption trends performed as expected in May and June and that customer sentiment appears to be improving, the analyst tells investors in a research note. The firm came away “net-positive,” saying Snowflake reiterated its long-term revenue target while raising margins and provided a framework for the next phase of expansion.