TD Cowen analyst Derrick Wood has reiterated their bullish stance on SNOW stock, giving a Buy rating yesterday.
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Derrick Wood has given his Buy rating due to a combination of factors, including evidence that Snowflake is set up for a stronger fourth quarter with re-accelerating product growth. His channel checks with major partners indicate demand running ahead of internal targets, supported by expanding data workloads, accelerating migrations, and early but growing adoption of Snowflake’s AI and analytics capabilities.
He also highlights improving consumption trends, rising AI-related annual recurring revenue, and the benefits of new offerings such as Snowflake Intelligence, Snowpark, Cortex, and Iceberg that are broadening use cases and user types. Coupled with a deepening partnership with hyperscalers, emerging vertical solutions, and confidence that management can at least meet or modestly exceed consensus growth expectations, Wood views Snowflake as a leading AI data platform and maintains it as a top pick.
In another report released yesterday, KeyBanc also maintained a Buy rating on the stock with a $235.00 price target.
Based on the recent corporate insider activity of 247 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SNOW in relation to earlier this year.