Snowflake price target raised to $220 from $170 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Snowflake (SNOW) to $220 from $170 and keeps an Outperform rating on the shares. The competitive intensity is heating up in Snowflake’s core data warehouse market and, while it is too early to tell what the Iceberg open-table format means for the company, there remains deep investor concern here, the analyst tells investors. On the positive side, the firm’s fieldwork has been marginally improving on Snowflake as an AI beneficiary and believes it has been making the right moves investing in AI-related product innovation.