Snowflake price target raised to $212 from $196 at Raymond James

Raymond James raised the firm’s price target on Snowflake (SNOW) to $212 from $196 and keeps an Outperform rating on the shares following the beat and raise Q1 report. Management continues to sound upbeat around new opportunities and momentum, and Raymond James was encouraged by the commentary around strong traction with Cortex, Snowflake’s library of AI tools that enable customers to run generative AI and deep analytics applications on their existing data, the analyst tells investors in a research note. The firm is incrementally cautious around a deteriorating macro environment, but believes momentum and new product growth are sustainable.