Why Snowflake Stock Is Heating Up Today

Snowflake Inc SNOW shares are trading higher Wednesday following bullish analyst coverage from Canaccord Genuity. 

Canaccord Genuity analyst David Hynes upgraded Snowflake from a Hold rating to a Buy and announced a $185 price target following the company's analyst day.

Hynes highlighted three main developments from the analyst day including a public preview of Python support, which has "through the roof" demand, the introduction of a native application framework and Unistore, which enables users to work with different types of data on a single platform.

"Each of these innovations opens the aperture of what customers can do with Snowflake, which is synonymous with increased consumption and ultimately better monetization," Hynes said.

The Canaccord Genuity analyst expects Snowflake to maintain growth rates around 35% to 40% over the next few years as the company continues to scale.

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JPMorgan analyst Mark Murphy maintained Snowflake with a Neutral rating and lowered the price target from $200 to $165 on Wednesday.

SNOW Price Action: Snowflake has traded between $405 and $110.26 over a 52-week period.

The stock was up 5.22% at $120.06 at press time, according to data from Benzinga Pro.

Photo: courtesy of Snowflake.