How Is Snowflake Poised To Beat Expectations Ahead? This Bullish Analyst Answers
Portfolio Pulse from Priya Nigam
Snowflake Inc (NYSE:SNOW) shares rose amid Reddit discussions on its valuation. KeyBanc Capital Markets analyst Eric Heath initiated coverage with an Overweight rating and a $185 price target, citing potential for over 20% growth due to legacy and cloud migrations, product portfolio expansion, and GenAI workload hosting. Heath forecasts FY25/FY26 revenues slightly above consensus, driven by new workloads and improving consumption trends. Snowflake's addressable market is expected to grow to $350 billion by 2028.
April 11, 2024 | 2:23 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Snowflake Inc's shares rose following a bullish analyst report from KeyBanc, predicting over 20% growth and a significant market expansion driven by product and service innovations.
The positive analyst coverage from KeyBanc, highlighting Snowflake's growth potential and expanding total addressable market, is likely to instill investor confidence and drive short-term price appreciation. The specific mention of over 20% growth and expansion into new workloads like GenAI suggests strong future performance, making this news highly relevant and important for investors.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100