An analyst at Rosenblatt upgraded Snowflake (NYSE from Neutral to Buy on Friday, saying they expect widespread consumer interest in the company's platform and its growing ecosystem to “remain very healthy.”
“Given the weak post-Q4 results on the stock and the implied 22% return to our 12-month price target of $185, we are taking this opportunity to upgrade Snowflake to Buy,” the analysts said.
Rosenblatt's bullish adjustment comes after the investment banking and research firm attended a client event in Toronto, where Snowflake showcased several new product innovations, which are expected to be officially launched and billable at later this year, and many of them are expected to be presented at the Data Cloud Summit scheduled for June 3-6.
Among other things, the presentations highlighted the use of Snowflake's platform and Snowpark's machine learning (ML) code development and deployment capabilities, with the goal of helping customers quickly design and launch new ai-powered applications .
“We are closely monitoring Snowpark's traction with customers (it's still early days) as we see it as an important way for Snowflake to increase long-term customer retention levels,” the analysts said.
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