Stifel raised the firm’s price target on Snowflake (SNOW) to $220 from $210 and keeps a Buy rating on the shares. Product revenue beat by 4%, in-line with recent trends but above expectations of 3%, driven by outperformance from newer products and broad-based consumption strength, the analyst tells investors. The firm expects core momentum, building backlog, new product adoption, and operational efficiency to enable Snowflake to maintain mid-to-upper 20% product revenue growth, the analyst added.
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