Snowflake price target raised to $260 from $220 at DA Davidson

DA Davidson raised the firm’s price target on Snowflake to $260 from $220 and keeps a Buy rating on the shares ahead of its Q4 results. The firm sees several beneficial near-term and long-term drivers for the company, noting that it has gained increased conviction in Snowflake’s ability to capitalize on the artificial intelligence revolution as the roadmap for future development in the space becomes more coherent, the analyst tells investors in a research note. DA Davidson added that its proprietary developer data analysis suggests that Snowflake is well positioned to capture additional share of the data and AI market.