Why Snowflake Is Heating Up Today
Snowflake Inc (NYSE:SNOW) is trading higher Friday after Goldman Sachs analyst Kash Rangan upgraded Snowflake from Neutral to Buy and raised the price target from $270 to $275.
What Happened: Snowflake has underperformed in 2021 as the cloud-based data platform company fell more than 50% from its all-time highs.
Rangan sees significant upside in Snowflake because the world's shift to the cloud is still very early on, he said in a note.
Snowflake will release its financial results for the first quarter of the fiscal year 2022 after the close on May 26.
See Also: Stocks That Hit 52-Week Lows On Tuesday
Price Action: Snowflake traded as high as $429 and as low as $184.71 since its IPO on Sept. 17.
At last check Friday, the stock was up 5.03% in premarket trading at $197.70.
Photo courtesy of Snowflake.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.