Needham raised the firm’s price target on Snowflake (SNOW) to $200 from $160 and keeps a Buy rating on the shares. The company reported a solid quarter, where strong results and positive leading indicators are driving a higher price target with “increased conviction”, the analyst tells investors in a research note. Current Remaining Performance Obligation – cRPO – growth is also delivering the strongest sequential dollar addition for Snowflake in recent years as a result of execution against the renewal cycle, which included Snowflake closing three $50M+ total contract value deals, Needham added.
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