Analysts Cheer Snowflake's Q3 Earnings, Raise Price Targets

Analysts have bumped up price targets on Snowflake Inc SNOW on Q3 beat.

• Citi analyst Tyler Radke upgraded to Buy from Neutral with a PT of $470, up from $299 (51.1% upside). Snowflake's growth is at an "inflection point" following the "very strong" Q3 report.
• The analyst believes large enterprise budgets are starting to unlock, driving more important deals, while the partnership and competitive environment are more favorable. He views the recent pullback in shares of Snowflake as creating an attractive entry point. 
• Goldman Sachs analyst Kash Rangan maintained a Buy and raised the PT from $340 to $390 (25.4% upside).
• Barclays analyst Raimo Lenschow raised the PT to $393 from $360 (26.4% upside) and kept an Equal Weight.
• The shares "will likely react better than the rest of software in the short term following an exceptional Q3" and continue to look expensive.
• Piper Sandler analyst Brent Bracelin raised the PT to $397 from $305 (27.7% upside) and kept an Overweight. 
• Customer adds remained strong, with the number of net new additions to the $1M cohort rising to 32 from 12 last quarter and the platform now being utilized by 45% of the Fortune 500.
• Canaccord analyst David Hynes raised the PT to $360 from $275 (15.8% upside) and kept a Hold. 
• The company shared that five of its ten largest accounts showed product growth in the quarter that outstripped the 110% growth reported in total.
• JMP Securities analyst Patrick Walravens raised the PT to $385 from $350 (23.8% upside) and kept an Outperform. 
• Snowflake's 70% premium to the peer group median on enterprise value to expected revenue multiple bases is justified in part by the company's much higher growth rate.
• Deutsche Bank analyst Brad Zelnick raised the PT to $400 from $375 (28.6% upside) and reiterated a Buy. 
• Oppenheimer analyst Ittai Kidron raised the PT to $400 from $360 and kept an Outperform.
• Loop Capital analyst Mark Schappel assumed coverage with a Hold and $310 PT (implying fairly priced).
• Price Action: SNOW shares traded higher by 6.55% at $331.38 in the market session on the last check Thursday.