Snowflake price target raised to $205 from $180 at Jefferies

Jefferies raised the firm’s price target on Snowflake (SNOW) to $205 from $180 and keeps a Buy rating on the shares after spending four days at the company’s user conference in Las Vegas. Conversations and general observations at the conference suggest the current tone “screens neutral to positive,” as Snowflake users were positive on the Nvidia (NVDA) partnership and generative artificial intelligence enhancements to the platform, though cost management remains a common concern, the analyst tells investors in a research note. The firm says Snowflake’s “strong” product innovations will further its programmability, distribution and monetization of apps. The company is one of the dominant data clouds with AI tailwinds, but the stock “reflects the good news trading at one of the richest multiples,” writes Jefferies.