Monness analyst Brian White maintained a Buy rating on Snowflake today and set a price target of $245.00.
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Brian White’s rating is based on Snowflake’s impressive array of innovations and strategic advancements unveiled at their recent summit. The company has introduced several new features, such as Snowflake Intelligence and Snowflake Openflow, which are expected to enhance their AI capabilities and data management offerings. These developments position Snowflake favorably in the competitive software landscape.
Furthermore, under the leadership of CEO Sridhar Ramaswamy, Snowflake has accelerated its pace of innovation, particularly in the realm of generative AI. This strategic focus is anticipated to yield long-term benefits as the industry increasingly values data-driven, consumption-based models. Snowflake’s proactive approach to integrating AI with data strategy underscores its potential for growth and justifies the Buy rating.
White covers the Technology sector, focusing on stocks such as Apple, Salesforce, and Datadog. According to TipRanks, White has an average return of 18.1% and a 68.11% success rate on recommended stocks.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $250.00 price target.