Snowflake (SNOW – Research Report), the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Brad Reback from Stifel Nicolaus maintained a Buy rating on the stock and has a $220.00 price target.
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Brad Reback has given his Buy rating due to a combination of factors that highlight Snowflake’s strategic advancements and growth potential. The company has made significant strides in enhancing its product offerings, particularly with innovations in core compute performance and data ingestion capabilities. These improvements are expected to bolster Snowflake’s position in the data warehousing and engineering sectors while also expanding its reach into AI and machine learning initiatives.
Additionally, Snowflake’s new CRO, Mike Gannon, has outlined a robust go-to-market strategy that includes investing in a distribution VAR network and focusing on product and industry sales specialization. These efforts are aimed at driving more effective sales results and increasing the company’s market penetration. Overall, the strategic product enhancements and leadership initiatives are anticipated to sustain Snowflake’s competitive edge and support its growth trajectory, justifying the Buy rating.
According to TipRanks, Reback is a 5-star analyst with an average return of 11.5% and a 56.05% success rate. Reback covers the Technology sector, focusing on stocks such as Intuit, ServiceNow, and Microsoft.
In another report released today, TD Cowen also reiterated a Buy rating on the stock with a $240.00 price target.
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