Snowflake price target raised to $200 from $185 at KeyBanc

KeyBanc raised the firm’s price target on Snowflake to $200 from $185 and keeps an Overweight rating on the shares following a solid Q1 beat and raise. The quarter highlighted Snowflake’s accelerated pace of product innovation in AI and quelled some investor long-term concerns on iceberg, the firm says. KeyBanc remains positive on Snowflake’s positioning as a data cloud leader benefiting from improving public cloud migration trends, a significantly expanding product portfolio, and the use of Snowflake’s easy-to-use, governed platform for developing and hosting GenAI workloads.