Snowflake Inc. SNOW shares are trading higher Wednesday, alongside the broader tech sector, ahead of NVIDIA's earnings report. The sector has been in the spotlight amid AI interest this year.
What To Know: NVIDIA's previous earnings report in May took the market by storm, revealing the enormous demand for AI technology. As a result, NVIDIA and AI have been hot topics since the report. Ahead of NVIDIA's second-quarter report after the close of the market Wednesday, the broader tech sector rallied, including Snowflake. However, the pressure is on NVIDIA to deliver, with some analysts describing it as a critical moment for the market.
Snowflake is also set to report second-quarter earnings after the market close. The company is expected to report earnings of 10 cents per share and revenue of $662.24 million.
Furthermore, Rosenblatt analyst Blair Abernethy reiterated Snowflake with a Neutral and maintained the $170 price target.
Related Link: Credit Suisse's Optimistic Stance On Toll Brothers: Exploring The Impressive Growth And 2024 Projections
SNOW Price Action: Shares of SNOW were up 2.19% at $155.93 at the time of publication, according to Benzinga Pro.
Image by Gerd Altmann from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
