Stifel Nicolaus analyst Brad Reback has maintained their bullish stance on SNOW stock, giving a Buy rating on June 6.
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Brad Reback has given his Buy rating due to a combination of factors observed during Snowflake’s recent user conference. Conversations with partners and customers revealed a growing preference for Snowflake’s platform over competitors like Databricks, especially for data science, engineering, and machine learning workloads. Customers expressed satisfaction with Snowpark’s capabilities, indicating a shift towards its adoption.
Additionally, there was widespread positive feedback on Openflow, which is seen as a potential game-changer by eliminating the need for middleware ETL platforms, although its full impact is expected to unfold gradually. Despite limited interest in Iceberg, the overall sentiment supports Snowflake’s continued leadership in its core SQL business and its expanding influence in newer technological areas. These insights reinforce the belief that Snowflake is well-positioned for future growth and innovation.
Reback covers the Technology sector, focusing on stocks such as Intuit, ServiceNow, and Snowflake. According to TipRanks, Reback has an average return of 11.7% and a 57.11% success rate on recommended stocks.
In another report released on June 6, Oppenheimer also maintained a Buy rating on the stock with a $250.00 price target.