Snowflake price target raised to $245 from $220 at Loop Capital

Loop Capital raised the firm’s price target on Snowflake (SNOW) to $245 from $220 and keeps a Buy rating on the shares. Following the company’s “well-attended” customer conference and investor session, the firm notes that the sentiment seemed noticeably more upbeat than prior year as it has picked up no signs of a spending slowdown during conversations with customers and partners, the analyst tells investors in a research note. Snowflake’s core data analytics workloads continue to power the business, while customers also increasingly view Snowflake as a credible Enterprise AI data platform, not merely a cloud data warehouse, Loop added.