Why Snowflake Inc. Stock Is Moving Up

by Erica Kollmann, Benzinga Staff Writer
September 8, 2023 1:59 PM | 1 min read |

Snowflake Inc. SNOWshares are trading higher after DA Davidson initiated coverage on the stock with a Buy rating and $200 price target.

The Details:

DA Davidson analyst Andrew Nowinski initiated coverage on Snowflake with a Buy rating and announced a price target of $200.
 
The analyst's note describes Snowflake as "the best-in-class cloud data warehouse provider," and the firm believes that Snowflake is positioned to capitalize on the AI trend.
 
The analyst stated, "With recent acquisitions and artificial intelligence-focused products becoming generally available in the next fiscal year, we believe that Snowflake has the capability to capture new avenues of growth in the near and long-term."
 
On Tuesday, Needham analyst Mike Cikos reiterated Snowflake, Inc. with a Buy and maintained a $216 price target.

 

Shares of Snowflake, Inc. are moving up on above-average trading volume. According to data from Benzinga Pro, more than 4.9 million shares have already been traded in the session, compared to the stock's 100-day average of 5.586 million shares.

Related News: Why UiPath Stock Is Climbing Today

SNOW Price Action: According to Benzinga Pro, Snowflake shares are up 3.25% at $165.04 at the time of publication.

Image: Gerd Altmann from Pixabay

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