UBS Upgrades Snowflake Inc. (SNOW) to Buy

UBS analyst Karl Keirstead upgraded Snowflake Inc. (NYSE: SNOW) from Neutral to Buy with a price target of $265.00 (from $210.00).

The analyst comments: "Our more positive view is rooted in: 1. Our recent Snowflake customer and partner checks are signaling a clear uptick in spending in their data stacks, in many cases because of the greater value associated with corporate data to drive AI application performance. As Snowflake argues, and we agree, enterprises increasingly need 'AI-ready' data such that Snowflake, Palantir and Databricks have emerged as AI beneficiaries. This is also evident in the efforts of SaaS firms Salesforce, ServiceNow, SAP and others to move into the data software space. 2. Competition with Databricks is proving to be more manageable (room for two, overall market is growing quickly enough) than we have believed. 3. Snowflake has executed better than we imagined on broadening-out its data management portfolio, well beyond its core data warehouse product, positioning itself to grab more share of data wallets."

For an analyst ratings summary and ratings history on Snowflake Inc. click here. For more ratings news on Snowflake Inc. click here.

Shares of Snowflake Inc. closed at $209.15 yesterday.

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