SNOW - Snowflake Stock Has 20% Upside According to 1 Wall Street Analyst
2024-04-08 09:57:00 ET
Snowflake (NYSE: SNOW) shares sold off sharply following the company's recent earnings report, but Rosenblatt analyst Blair Abernethy sees the dip as a buying opportunity. He recently upgraded the stock from "neutral" to "buy" with a $185 price target . That's 20% above the stock's Apr. 5 closing price.
The company's slowing revenue growth over the last two years has limited the stock's gains, but it still posted year-over-year growth of 33% in its fiscal 2024 fourth quarter (ended Jan. 31).
To its credit, Snowflake has been signing long-term deals with customers, and it's seeing pent-up demand for new products coming out, such as Snowflake's Document AI, which allows the user to quickly locate information across unstructured data. Abernethy likes the demand trends he's seeing for the company's offerings.
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Snowflake Stock Has 20% Upside, According to 1 Wall Street Analyst