SNOW - Why Snowflake Rallied Today to Start July
2024-07-01 15:22:00 ET
Shares of cloud-based data lake provider Snowflake (NYSE: SNOW) were in rally mode Monday even on a rather muted day for many tech stocks. Shares were up 4.8% as of 1:30 p.m. EDT.
Snowflake's outperformance is likely due to a positive note issued by analysts at Goldman Sachs , who added the stock to the firm's "Conviction List" today.
Goldman analyst Kash Rangan added Snowflake's stock to the firm's "Conviction List" today. Rangan's case is that he believes the recent weakness in the stock makes for an "attractive entry point," given that the stock is down for the year, even while Rangan is optimistic about the company's new CEO Sridhar Ramaswamy. Rangan believes Ramaswamy, who is a more product-oriented manager than the company's previous head, can accelerate Snowflake's innovation engine to thrive in the AI era.
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Why Snowflake Rallied Today to Start July