Snowflake price target raised to $185 from $165 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Snowflake (SNOW) to $185 from $165 and keeps an Overweight rating on the shares. The firm notes cRPO growth reacceleration to 36% year-over-year headlined a strong Q3 driven by broad-based strength and solid execution, coupled with a “good” and consistent macro environment. Product growth this quarter appears to have tempered concerns surrounding a potential drag on storage revenue from migrations to Iceberg as management noted positive benefits from customers bringing new workloads to Snowflake, Piper adds.