SNOW - Why Snowflake Stock Rallied on Thursday
2024-02-22 17:51:18 ET
Shares of Snowflake (NYSE: SNOW) traded higher on Thursday, jumping as much as 5.3%. By the time the market closed, the stock was still up 4.4%.
The catalyst that sent the cloud stock higher was bullish commentary from a couple of Wall Street analysts.
First out of the gate on Thursday were analysts at Bank of America ahead of Snowflake's fiscal 2024 fourth-quarter results, which are scheduled to be released on Feb. 28. BofA maintained a neutral (hold) rating on the stock but raised its price target to $265, up from $240, according to The Fly. This suggests potential upside for investors of 23% compared to Wednesday's closing price.
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Why Snowflake Stock Rallied on Thursday