Snowflake price target raised to $265 from $240 at BofA

BofA raised the firm’s price target on Snowflake to $265 from $240 and keeps a Neutral rating on the shares ahead of the company reporting Q4 results on Wednesday, February 28. Similarweb data for total page views that the firm has found to have a high correlation to product revenue suggests an improving, though still volatile, consumption environment, the analyst tells investors in a preview note. The firm is raising its price target for multiple expansion across the group, but reiterates a Neutral rating given Cloud View data suggesting consumption headwinds are easing, though not back to normal growth mode.