Snowflake Inc SNOW is trading higher Thursday after BTIG analyst Gray Powell upgraded the stock from a Neutral rating to a Buy rating and announced a price target of $353 per share.
After looking into spending trends, Powell thinks Snowflake is "sitting in front of a huge opportunity in a rapidly growing data analytics software market."
The BTIG analyst also cited Snowflake's multiple competitive advantages over its competition as a reason for the upgrade.
Snowflake is a data lake, warehousing and sharing company with more than 3,000 customers.
SNOW Price Action: Snowflake has traded as high as $429 and as low as $184.71 over a 52-week period.
The stock was up 1.84% at $299.21 at time of publication.
Photo: courtesy of Snowflake.
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