Evercore ISI raised the firm’s price target on Snowflake (SNOW) to $195 from $190 and keeps an Outperform rating on the shares. IT budgets are set to move higher and the firm believes the “platform” companies remain well positioned to take share, the analyst tells investors. The firm, which is introducing calendar year 2025 estimates, says its favorite names into calendar 2024 in mega-cap software include Microsoft (MSFT), Adobe (ADBE), Oracle (ORCL) and ServiceNow (NOW) as core “compounders” and calls Snowflake its “favorite growth idea”
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