Snowflake price target raised to $215 from $208 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the firm’s price target on Snowflake (SNOW) to $215 from $208 and keeps an Overweight rating on the shares. The firm notes that broad-based consumption strength drove a $35M top-line beat on 28% year-over-year product growth. Piper was also encouraged by triple-digit growth in new products like Snowpark with revenue surpassing $100M for the year. The firm cites higher estimates and higher free cash flow margins for the target raise given increasing confidence in an efficient growth model.