Snowflake (NYSE:SNOW) stock is on the rise Monday after analysts have started covering the company.
Several different analysts have initiated coverage of SNOW stock and the takes are pushing it higher. These analysts were previously unable to comment on the stock due to a required quiet period after its initial public offering (IPO) in September.
The current ratings for SNOW stock include nine buy ratings from analysts. Coverage of the stock also started with 11 analysts assigning a hold rating to Snowflake. There were two sell ratings from today’s coverage
Of course, analysts also included price targets for SNOW stock with their coverage. Of them, Truist Securities analyst Joel Fishbein’s stands out at $350 per share with a buy rating. A more cautious stance comes from Credit Suisse analyst Brad Zelnick with a $250 price target and neutral rating.
Oppenheimer analyst Ittai Kidron, who has a outperform rating and $300 price target for SNOW stock, said the following in a note obtained by Benzinga.
“Snowflake’s successful land-and-expand business model (>150% retention rate) is focused on acquiring new enterprise customers looking to adopt a cloud strategy (fastest growing part of the Big Data market, ~23% CAGR) to extract more value from their data.”
The current consensus rating for SNOW stock is hold. Analysts’ consensus price target for the stock is $264.95, which represents an 8.41% upside.
SNOW stock closed out normal trading hours on Monday up 2.6%.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
