Snowflake price target raised to $265 from $230 at Jefferies

Jefferies raised the firm’s price target on Snowflake to $265 from $230 and keeps a Buy rating on the shares. The firm believes the setup for Snowflake is largely derisked, with the focus on FY25 product revenue growth. Snowflake is the firm’s top growth story, with multiple revenue drivers, including new product cycle, cloud spend acceleration, and AI tailwinds, justifying 17-times 2025 revenues, Jefferies says.