Snowflake price target raised to $215 from $195 at Loop Capital

Loop Capital raised the firm’s price target on Snowflake to $215 from $195 and keeps a Buy rating on the shares. The company’s Q3 results topped estimates amid improving trends across the business, with product revenue growth of 34%, the analyst tells investors in a research note. Commentary on the demand environment was far more upbeat than in the past as optimization trends subsided, consumption improved, and Q4 appears set up for a strong bookings quarter, with several Global 2K renewals in the pipeline, the firm states. Loop further adds that Snowflake is one of the best-positioned enterprise software vendors to benefit from the emerging Generative AI opportunity, and it’s only a matter of when, not if, that customers begin managing their data science workloads running LLMs and model training on Snowflake.