Analyst Derrick Wood of TD Cowen reiterated a Buy rating on Snowflake (SNOW – Research Report), with a price target of $210.00.
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Derrick Wood has given his Buy rating due to a combination of factors driving Snowflake’s positive performance and future potential. Snowflake’s growth stability in core SQL workloads, along with increasing traction in new products like Cortex AI Search and unstructured data, has been well-received in the market. Additionally, the company’s Go-To-Market strategies have shown improvement with more engagement from technology users, suggesting potential for further growth.
Derrick Wood also notes Snowflake’s strong third-quarter performance, with a significant revenue beat and increased growth guidance for FY25. The positive demand for Snowflake’s offerings, particularly in AI, unstructured data, and core workloads, along with the expectation of continued robust consumption trends, supports the belief that future financial targets could be exceeded. As a result, Wood maintains a Buy rating with a price target of $210.
Wood covers the Technology sector, focusing on stocks such as Salesforce, Microsoft, and ServiceNow. According to TipRanks, Wood has an average return of 17.6% and a 64.37% success rate on recommended stocks.
In another report released yesterday, BTIG also upgraded the stock to a Buy with a $220.00 price target.