Bank of America Securities analyst Bradley Sills reiterated a Buy rating on Snowflake today and set a price target of $310.00.
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Bradley Sills has given his Buy rating due to a combination of factors, including positive trends in Snowflake’s cloud activity and the company’s strategic positioning in the AI market. The analysis of Similarweb data reveals a strong correlation with product revenue, indicating robust demand momentum for Snowflake’s offerings. Despite a slight dip in August, page views rebounded significantly in September and October, suggesting a promising outlook for the company’s Q3 results.
Furthermore, Snowflake’s potential for long-term outperformance is bolstered by its expanding product traction in the sizable AI software market, estimated at $155 billion. The company’s industry-leading net revenue retention rate of 125% and its success in acquiring new customers and upselling existing ones further support this optimistic view. Additionally, Snowflake’s transition to an AI platform, with over half of its customers utilizing its services for AI workloads, underscores its growing importance in the AI tech stack.
In another report released on November 12, BTIG also reiterated a Buy rating on the stock with a $312.00 price target.