Snowflake price target raised to $170 from $165 at Scotiabank

Scotiabank analyst Patrick Colville raised the firm’s price target on Snowflake (SNOW) to $170 from $165 and keeps an Outperform rating on the shares. The company reported strong Q3 results, with product revenue nicely above expectations, the analyst tells investors. Scotiabank believes the results may help alleviate concerns around competition with Databricks as well as temporarily subdue the investor narrative that Iceberg tables will have a material drag on revenue.