Snowflake price target raised to $195 from $180 at Canaccord

Canaccord analyst Kingsley Crane raised the firm’s price target on Snowflake (SNOW) to $195 from $180 and keeps a Buy rating on the shares. Snowflake’s 2023 Summit showcased both the platform’s technological leadership and the company’s organizational alignment to aggressively capture a highly competitive market, and the company “came out swinging” with partnerships with Nvidia (NVDA) and Microsoft (MSFT), new product like Unified Iceberg tables, Document AI, and Snowpark Container Services, and platform tools like Native App Framework, the analyst tells investors in a research note. Snowflake is well positioned to dominate operational data for the foreseeable future, the firm contends.