Jefferies raised the firm’s price target on Snowflake (SNOW) to $220 from $200 and keeps a Buy rating on the shares. The firm’s proprietary survey work points to “healthy demand” in Q4 along with “optimistic” AI growth contributions in 2025, while Q4 expectations are “tepid” given negative public cloud readthroughs and ongoing competitive concerns, the analyst tells investors in a preview. The firm’s checks, non-core momentum, and easier comps “give us conviction” in a reacceleration, though the initial FY26 guidance “remains a near-term hurdle,” the analyst added.
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