Citi raised the firm’s price target on Snowflake (SNOW) to $225 from $183 and keeps a Buy rating on the shares. The firm says it was a “redemption quarter” for Snowflake as the company delivered “robust” sales outperformance, accelerating bookings strength, ramping new product contribution and stabilizing recurring revenue. Management commentary “was more front-footed and bullish than usual,” with more evidence of new products and use cases around artificial intelligence and data engineering being more than enough of an offset to Iceberg tables and typical optimization and storage headwinds, the analyst tells investors in a research note.
