Snowflake Analysts Remain Overweight: Potential Growth Despite Iceberg Adoption Concerns
Portfolio Pulse from Anusuya Lahiri
Analysts from Piper Sandler and KeyBanc reiterated their Overweight ratings on Snowflake Inc (NYSE:SNOW) despite concerns about the adoption of Iceberg tables. The analysts noted that Iceberg adoption is still in its early stages and that broader enterprise adoption could be further out. They projected first-quarter revenue and EPS for Snowflake and highlighted positive usage trends and new product launches as potential growth drivers.
May 16, 2024 | 5:47 pm
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Analysts from Piper Sandler and KeyBanc reiterated their Overweight ratings on Snowflake Inc (NYSE:SNOW) despite concerns about the adoption of Iceberg tables. They noted that Iceberg adoption is still in its early stages and that broader enterprise adoption could be further out. Positive usage trends and new product launches are expected to drive growth.
The reiteration of Overweight ratings by two analysts suggests strong confidence in Snowflake's growth potential despite concerns about Iceberg adoption. Positive usage trends and new product launches are expected to drive growth, which is likely to have a positive short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100