Snowflake Surges as Evercore Says Buy; Sees 35% Gain By

© Shutterstock

By Dhirendra Tripathi – Snowflake (NYSE:) shares were making a smart move in Friday’s trade, helped by another analyst’s bullish views.

Evercore analyst Kirk Materne called Snowflake the “data cloud category killer,” while initiating coverage with an outperform rating and a $311 price target.

The price target is almost a 35% gain from the stock’s current price. Snowflake shares jumped 5.5%.

“Snowflake is not for the faint of heart and our bullish view will play out over multiple years, not just the next few quarters,” he said in his note.

Earlier this week, UBS started Snowflake with a buy, citing the “extraordinary” growth rate.

Materne believes “there are few software firms over the last decade that have as large a growth opportunity as Snowflake” and that upside opportunity offsets the near-term need to “grow into” the valuation.

The analyst pegged Snowflake’s data warehousing total addressable market at $78 billion by 2024.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

Your Donation

Source link

Back to top button