Can Snowflake Unlock New Use Cases With Generative AI? Analyst Predicts Growth Potential
Portfolio Pulse from Nabaparna Bhattacharya
Needham analyst Mike Cikos reiterated a Buy rating on Snowflake Inc. (NYSE: SNOW) and raised the price target to $216 from $180, citing potential growth from Generative AI and an increased total addressable market. The analyst also remains confident in the company's FY29 Target Model of $10 billion in Product Revenue with an improved margin profile.
June 21, 2023 | 5:54 pm
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Needham analyst Mike Cikos raises Snowflake's price target to $216, citing growth potential from Generative AI and an increased total addressable market.
The raised price target by Needham analyst Mike Cikos indicates a positive outlook for Snowflake's stock price in the short term. The potential growth from Generative AI and an increased total addressable market are key factors driving this positive sentiment. Additionally, the analyst's confidence in the company's FY29 Target Model of $10 billion in Product Revenue with an improved margin profile further supports the positive impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100