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Snowflake Inc (NYSE:SNOW) could deliver an in-line or marginally better-than-projected quarter, when it reports results after the closing bell on Wednesday, according to Rosenblatt.
The Snowflake Analyst: Blair Abernethy upgraded the rating for Snowflake from Neutral to Buy, while reducing the price target from $325 to $255.
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The Snowflake Thesis: The company could meet or slightly beat the product revenue growth estimate of 81% year-on-year, Abernethy said in the upgrade note.
The optimism is based on “the ongoing enterprise Digital Transformation momentum, strong Q1 growth reported by the leading Cloud Service Providers (CSP’s), and Snowflake’s healthy +160% Net Revenue Retention (NRR) rate,” he added.
Also Read: Are Investors Valuing Snowflake Stock Wrong? Here's Why It's Brad Gerstner's Largest Position
The price target has been lowered “due to recently rising interest rates, comparable software companies’ multiple compression, and with increasing concerns over the potential for broader economic impacts of the war in Ukraine,” the analyst wrote. The upgrade in rating comes after the “recent significant decline in the stock price,” he further mentioned.
SNOW Price Action: Shares of Snowflake had declined by 5.57% to $131.11 at the time of publication Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.