Loop Capital analyst Mark Schappel raised the firm’s price target on Snowflake (SNOW) to $220 from $215 and keeps a Buy rating on the shares. The company posted strong results across board as product revenue grew ahead of its forecast with better-than-expected profitability, the analyst tells investors in a research note. Snowflake’s operating margins of 8.8% were 370 bps ahead of its estimate, Loop states, adding that it sees the company as a long-term beneficiary of migrating analytical workloads to the cloud and the emerging AI data management opportunity.
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