Why Are Snowflake Shares Trading Higher Monday?
Portfolio Pulse from Vaishali Prayag
Snowflake Inc. (NYSE:SNOW) shares rose on Monday after Goldman Sachs reiterated its Buy rating and added the company to its Conviction List. Analyst Kash Rangan emphasized Snowflake's potential in cloud software and data analytics, highlighting its strategic position in the AI Revolution and the new CEO's strategy to accelerate product development. Rangan forecasts robust top-line growth and strong free cash margins.
July 01, 2024 | 8:00 pm
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Goldman Sachs reiterated its Buy rating for Snowflake Inc. and added it to its Conviction List, citing its strategic position in cloud software and data analytics. Analyst Kash Rangan forecasts robust top-line growth and strong free cash margins, which are not fully captured by current market valuations.
The reiteration of the Buy rating and addition to the Conviction List by Goldman Sachs is a strong endorsement. Analyst Kash Rangan's positive outlook on Snowflake's strategic position in cloud software and data analytics, along with the new CEO's strategy, is likely to drive investor confidence and short-term stock price appreciation.
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