BTIG Upgrades Snowflake - Read Why - Snowflake (NYSE:SNOW)

BTIG analyst Gray Powell upgraded Snowflake Inc SNOW to Buy from Neutral with a $353 price target, implying a 20.12% upside, after conducting several field checks over the last few weeks.
Powell spoke with four large enterprise customers and an industry analyst firm on spending trends with Snowflake and the broader competitive environment.
Following the checks, Powell believes Snowflake is "sitting in front of a huge opportunity in a rapidly growing data analytics software market."
Even established enterprise customers that currently spend over $1 million annually with Snowflake continue to see significant growth potential in their usage over the next few years.
Additionally, Powell thinks the company has "multiple competitive advantages" against its large cloud infrastructure service provider competitors.
Price Action: SNOW shares traded higher by 2.64% at $301.56 in the premarket session on the last check Thursday.

BTIG Upgrades Snowflake - Read Why