BofA analyst Brad Sills raised the firm’s price target on Snowflake (SNOW) to $220 from $172 and keeps a Neutral rating on the shares. Snowflake reported a “solid” Q1, with product revenue upside from strength in new products and “some help from a couple of large expansion deals that were pushed in Q4,” the analyst tells investors. Q1 results suggest that Snowflake continues to benefit from improving consumption trends in the installed base, but while commentary suggests that new workloads are ramping, the firm questions whether these will be material enough to offset slowing growth in the core over time, the analyst added.
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Read More on SNOW:
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