Snowflake Stock (SNOW): $350 Price Target By Truist

By Amit Chowdhry ● October 12, 2020
  • The stock price of cloud-based data warehousing company Snowflake Inc (NYSE: SNOW) increased by 2.51% from $237.99 at the previous close to $243.97 today. This is why.

The stock price of cloud-based data warehousing company Snowflake Inc (NYSE: SNOW) increased by 2.51% from $237.99 at the previous close to $243.97 today. Along with a broader market rally, the stock price of Snowflake went up for a couple of reasons including price target increases and a Bloomberg report about a deal with Goldman Sachs.

Truist analyst Joel Fishbein initiated a “Buy” rating for Snowflake with a $350 price target. Fishbein noted that Snowflake has a unique technology advantage — which should drive a “dominant competitive position in the data cloud” in the short- and long-term. And Fishbein also pointed out that Snowflake is addressing an acute problem and it is redefining the monetization of data as legacy providers are unable to deal with complex IT environments.

Another reason why the stock price of Snowflake increased is due to a Bloomberg report about Snowflake signing a multimillion-dollar deal with Goldman Sachs earlier this year. That deal was a renewal of an existing contract that was signed in Q2.

Snowflake went public in the middle of September and it was the largest IPO of 2020. The company’s stock price more than doubled on the first day of trading. Not only was Goldman Sachs one of the lead underwriters of the IPO, but the financial firm has been using Snowflake’s data analysis for its banking platforms and the Marcus personal loan platform.

This is how some of the other financial firms rated Snowflake today:

JMP Securities – Outperform Rating – $285 price target

BTIG Research – Neutral Rating

Goldman Sachs – Buy Rating – $268 price target

Credit Suisse – Neutral rating – $250 price target

Barclays – Equal weight rating – $256 price target

JPMorgan Chase – Neutral rating – $247 price target

Piper Sandley – Overweight rating – $264 price rating

Cowen – Outperform rating – $295 price target

Mizuho – Buy rating – $300 price target

Deutsche Bank – Buy rating – $305 price target

Loop Capital – Hold rating – $250 price target

Citigroup – Neutral rating

D.A. Davidson – Buy rating – $300 price target

Morgan Stanley – Equal weight rating – $220 price target

Stifel – Hold rating – $250 price target

Oppenheimer – Outperform rating – $300 price target

Canaccord Genuity – Hold rating – $250 price target

Disclosure: I have a small SNOW position in my portfolio.