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Snowflake price target raised to $185 from $150 at KeyBanc
The Fly

Snowflake price target raised to $185 from $150 at KeyBanc

KeyBanc analyst Eric Heath raised the firm’s price target on Snowflake (SNOW) to $185 from $150 and keeps an Overweight rating on the shares following a strong 5% Q3 product revenue beat and $18M guide above for Q4. Regarding the two key debates on the stock, iceberg and AI, the firm believes the strong results and management commentary were very encouraging in shifting the narrative on both. KeyBanc remains positive on Snowflake’s positioning as a data cloud leader benefiting from improving public cloud trends; the pace of product innovation since Sridhar’s joining, including in AI; Snowflake as an enabler of AI/Gen AI workloads with an easy-to-use platform; and a significant $300B+ TAM.

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