Canaccord raised the firm’s price target on Snowflake (SNOW) to $260 from $220 and keeps a Buy rating on the shares. The firm noted they reportedmajor product revenue upside in Q2 and management raised full-year guidance by slightly more than the in-quarter beat. While the magnitude of that excess raise may seem inconsequential, doing so is a shift in mgmt. guidance philosophy over the past 2 years which to Canaccord coincides with the broad-based strength in workload growth.
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Read More on SNOW:
- Snowflake price target raised to $280 from $240 at BofA
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- Snowflake’s Robust Growth and Positive Outlook Earns Buy Rating from Analyst
- Snowflake price target raised to $221 from $191 at Bernstein
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