Evercore ISI analyst Kirk Materne raised the firm’s price target on Snowflake to $250 from $235 and keeps an Outperform rating on the shares. Snowflake shares are up 32% since its fiscal Q3 results and 23% year-to-date, but the firm believes its survey of 15 large Snowflake partners helps illustrate that demand for cloud data management is rebounding and “why estimates could have an upward bias in 2024,” the analyst tells investors. For Q4, the firm expects Snowflake to deliver “modest upside” to its and the Street’s revenue estimates, the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on SNOW:
- Snowflake call buyer realizes 51% same-day gains
- Needham software infrastructure analyst to hold analyst/industry conference call
- Microsoft price target raised to $430 from $390 at Stifel
- Snowflake call volume above normal and directionally bullish
- DA Davidson Data and AI analysts hold analyst/industry conference call