Snowflake rises as Stifel upgrades to 'buy'

Jfrog

08/05/2023 17:08

** Shares of cloud-based data company Snowflake Inc  SNOW.N 
rise 2.4% to $157.86
    ** Brokerage Stifel upgrades rating on the stock to 'buy'
from 'hold', while also increasing PT to $185 from $145
    ** Stifel believes recent commentary from SNOW's peers like
Microsoft  MSFT.O , Datadog  DDOG.O , JFrog  FROG.O , Confluent
 CFLT.O  cites ease of optimization headwinds in second half of
2023, stabilizing SNOW's revenue growth
    ** Also adds co will benefit from growth of AI-market as it
holds data required for cos to train AI models
    ** SNOW's peers have also cited positive outlook for
upcoming quarter, prompting 'somewhat stabilizing usage
environment' - Stifel
    ** 28 of 43 analysts rate the stock "buy" or higher, 13 rate
at "hold" and 2 rate at "sell" or lower; median PT $180 –
Refinitiv data
    ** Including session's gains, stock has risen 9.7% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))