Snowflake Inc. (NYSE:SNOW)shares are trading higher after DA Davidson initiated coverage on the stock with a Buy rating and $200 price target.
The Details:
DA Davidson analyst Andrew Nowinski initiated coverage on Snowflake with a Buy rating and announced a price target of $200.
The analyst’s note describes Snowflake as “the best-in-class cloud data warehouse provider,” and the firm believes that Snowflake is positioned to capitalize on the AI trend.
The analyst stated, “With recent acquisitions and artificial intelligence-focused products becoming generally available in the next fiscal year, we believe that Snowflake has the capability to capture new avenues of growth in the near and long-term.”
On Tuesday, Needham analyst Mike Cikos reiterated Snowflake, Inc. with a Buy and maintained a $216 price target.
Shares of Snowflake, Inc. are moving up on above-average trading volume. According to data from Benzinga Pro, more than 4.9 million shares have already been traded in the session, compared to the stock’s 100-day average of 5.586 million shares.
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SNOW Price Action: According to Benzinga Pro, Snowflake shares are up 3.25% at $165.04 at the time of publication.
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