Snowflake price target raised to $200 from $180 at Stifel

Stifel analyst Brad Reback raised the firm’s price target on Snowflake to $200 from $180 and keeps a Buy rating on the shares following what it calls “an upbeat investor day,” during which management highlighted several product announcements primarily centered around the rapidly emerging AI/ML opportunity. The firm, which notes that customer feedback around these products was “very positive,” also notes that management increased its long-term FY29 operating and free cash flow margin targets to 25% and 30%, respectively, but left its $10B revenue target in place while indicating that there is potential upside as newer products ramp.