Snowflake (SNOW – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Bradley Sills from Bank of America Securities maintained a Hold rating on the stock and has a $220.00 price target.
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Bradley Sills’s rating is based on Snowflake’s strategic vision and current market positioning. The company aims to transform into a comprehensive data platform, focusing on areas like data engineering, analytics, and AI/ML. Despite these ambitions, only a portion of its customer base actively uses its AI/ML capabilities, indicating room for growth in this critical sector.
Additionally, Snowflake has introduced new products to enhance data interoperability and enterprise AI, which could bolster its platform expansion. However, the lack of updated revenue projections from these offerings and the ongoing adjustments in R&D and sales strategies suggest a cautious outlook. The company’s strengths in ease of use and price performance are acknowledged, but AI adoption is still progressing. Thus, Sills maintains a Hold rating with a price objective of $220.
SNOW’s price has also changed moderately for the past six months – from $175.940 to $209.150, which is a 18.88% increase.
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