Scotiabank upgraded Snowflake to Outperform from Sector Perform with a price target of $212, up from $137. Snowflake’s fiscal 2024 revenue is “now firmly underwritten, which was previously not the case,” the analyst tells investors in a research note. In addition, the company should benefit from a product cycle in fiscal 2025 and 2026, which formerly could not be accounted for,” writes the firm. Snowflake is now “exiting the storm clouds” with “smooth sailing ahead,” according to Scotiabank.
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