Snowflake price target raised to $270 from $235 at Truist

Truist raised the firm’s price target on Snowflake (SNOW) to $270 from $235 and keeps a Buy rating on the shares. The company delivered a powerful acceleration in product revenue through the first half of the year as its top line acceleration of over 500bps sequentially exceeded the firm’s upside expectations, the analyst tells investors in a research note. Truist management commentary also indicated that the results were driven by broad outperformance across the four pillars of their offering – analytics, data engineering, AI applications, and collaboration.