Why Snowflake Stock Is Trading At New 52-Week High
Portfolio Pulse from Erica Kollmann
Snowflake Inc. (NYSE:SNOW) shares hit a new 52-week high after Raymond James analyst Simon Leopold maintained an Outperform rating and raised the price target from $190 to $223, citing positive public cloud trends and Amazon.com's (NASDAQ:AMZN) AWS revenue growth. Snowflake's Cloud Data Warehouse platform, primarily built on AWS, benefits from these trends. The stock's rise is also attributed to the growing excitement around artificial intelligence, with Snowflake acting as an entry point to AI platforms. Over the past month, SNOW has gained more than 13%, trading above its 50-day moving average.
February 02, 2024 | 5:03 pm
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POSITIVE IMPACT
Amazon.com's AWS revenue growth re-acceleration is highlighted as favorable for Snowflake, indicating a positive outlook for Amazon's cloud services.
The mention of Amazon's AWS revenue growth re-acceleration as a positive factor for Snowflake indirectly benefits Amazon by showcasing the strength and growth potential of its cloud services, which could attract more enterprise customers.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Snowflake's stock reached a new 52-week high following a positive analyst rating and raised price target by Raymond James, driven by favorable cloud trends and its association with AWS.
The positive outlook from Raymond James, citing public cloud trends and AWS's growth, directly impacts Snowflake's valuation. The raised price target and the stock's performance above its moving average indicate strong investor confidence and market sentiment.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100