Why Snowflake Shares Are Trading Higher Today

Snowflake Inc SNOW is trading higher Monday morning following bullish analyst coverage from Morgan Stanley.

Morgan Stanley analyst Keith Weiss upgraded Snowflake from an Equal-Weight rating to an Overweight rating and raised the price target from $344 to $390.

With Snowflake executing ahead of plan, Weiss thinks the recent pullback creates an attractive opportunity.

The Morgan Stanley analyst highlighted that Snowflake’s cloud data platform enables its customers to eliminate data silos, while reducing overhead, complexity and infrastructure management costs, which allows them to focus on driving and sharing insights from their data.

Weiss believes that this value proposition is resonating even better with customers than he anticipated when Snowflake made its public debut.

The analyst also thinks there are catalysts ahead for Snowflake which should drive more upside including more durable growth, TAM expansion and a faster path to meaningful free cash flow. 

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SNOW Price Action: Snowflake has traded as low as $184.71 and as high as $405 over a 52-week period.

The stock was up 5.18% at $290 at time of publication.

Photo: courtesy of Snowflake.