Snowflake upgraded to Neutral from Sell at Guggenheim

Guggenheim analyst John DiFucci upgraded Snowflake to Neutral from Sell without a price target. The analyst believes Snowflake “has a mountain of challenges in front of it that will continue to feed material investor worry, and this likely won’t dissipate any time soon.” However, the firm believes the company “will remain a valuable asset.” Any success in adjacent technologies would likely increase that value, the analyst tells investors in a research note. Guggenheim believes Snowflake’s near-term model setup looks attractive, especially in fiscal Q1, as partner checks indicate optimism that could materialize into consumption in the coming quarters.