Needham raised the firm’s price target on Snowflake (SNOW) to $280 from $230 and keeps a Buy rating on the shares. The company delivered outperformance as 32% y/y Product Revenue growth was meaningfully above the management’s guided 25% and 26% posted in the prior quarter, with the upside surprise stemming from multiple moving pieces, the analyst tells investors in a research note. The clearest takeaway from the quarter is the large market opportunity and continued runway Snowflake has in core Analytics, the firm added.
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