What's Going On With Snowflake Stock?
Portfolio Pulse from Erica Kollmann
Snowflake, Inc. (NYSE:SNOW) stock is trading higher, with a nearly 5% increase over the past five days. Analysts from Truist Securities, Needham, and Barclays have recently updated their coverage on Snowflake. Truist Securities raised the price target from $210 to $230, Needham reiterated a $225 price target, and Barclays downgraded the stock but set a $198 price target. RBC Capital also initiated coverage with an Outperform rating and a $230 price target, highlighting Snowflake's potential in cloud optimization, Snowpark adoption, and generative AI offerings. Snowflake's shares are trading above the 50-day moving average and near the 52-week high.
January 22, 2024 | 6:30 pm
News sentiment analysis
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POSITIVE IMPACT
Snowflake Inc. has received mixed analyst ratings with price target updates from Truist Securities, Needham, and Barclays, and a new coverage initiation by RBC Capital with a positive outlook on the company's cloud and AI capabilities.
The overall sentiment for Snowflake Inc. is positive, with most analysts maintaining or raising their price targets, indicating a bullish outlook for the stock. The upgrade by Truist Securities and the initiation by RBC Capital with a high price target suggest strong confidence in the company's growth prospects, especially in cloud optimization and AI. Barclays' downgrade is a note of caution but does not significantly detract from the positive momentum. The stock trading above its 50-day moving average and near its 52-week high further supports the likelihood of continued upward movement in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100