Argus upgrades Snowflake to Buy, sees good entry point

As previously reported, Argus upgraded Snowflake (SNOW) to Buy from Hold with a $300 price target The firm sees a “good entry point for investors” after the market took shares down a notch following a disappointing Q3 report, the analyst stated. While acknowledging that Snowflake’s consumption-based revenue model may lead to some inconsistent results from time to time, the firm highlights that the company continues to grow revenue near management’s “north star” target of 30%, which it notes is much faster than most companies in the IT space, “let alone the market as a whole,” while margins are also expanding.