TECH - Why Is Snowflake Stock Trading Higher Friday? | Benzinga
Snowflake Inc (NYSE: SNOW) shares are trading higher after RBC Capital analyst Matthew Hedberg initiated coverage on the stock with an Outperform rating and a $230 price target.
Hedberg is bullish on their long-term growth opportunity and thinks the upside to consensus estimates seems likely.
Key catalysts include improving cloud optimization trends, rapid adoption of Snowpark, and, over time, adoption of new GenAI offerings.
Also Read: These Are Key Stocks in Cloud and Analytics for Savvy Tech Investments - Piper Sandler Analyst Lists
Despite 2023 cloud optimization trends, Hedberg noted that platforms supporting a multi-cloud, cross-cloud strategy will win. He liked seeing stabilizing cloud optimization trends in CQ323 across his coverage as he noted CY24 likely shows stability and ultimate improvement in cloud spending, partially ...