This Cloud-Native Data Platform Provider's Stock Could Jump 30%

Loading...
Loading...

Snowflake Inc’s SNOW cloud-native data platform supports multiple use cases, with data driving digital transformation efforts of organizations, according to Needham.

The Snowflake Analyst: Mike Cikos initiated coverage of Snowflake with a Buy rating and a price target of $240.

The Snowflake Thesis: The company addressed a growing opportunity and management estimated a target addressable market of $248 billion by 2026, Cikos said in the initiation note.

Check out other analyst stock ratings.

“The data-driven hunt for innovation and customer prioritization of Digital Transformation are only in the early stages, as we see it … We see Snowflake as competing in a large, nascent market with a jump on competitors,” the analyst wrote.

“If the first innovation of Cloud was migrating previous applications, we see Snowflake as driving the second-order derivative: unlocking demand by utilizing Cloud in previously impossible ways On-Prem,” Cikos added.

“Also, Snowflake is moving into Unstructured Data, as evidenced by its pending acquisition of Applica,” the analyst further stated.

SNOW Price Action: Shares of Snowflake had declined by 4.82% to $186.92 at the time of publication Friday.

Market News and Data brought to you by Benzinga APIs
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorInitiationAnalyst RatingsTechcloudMike CikosNeedham
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...