Snowflake Inc. (SNOW) is Rapidly Growing into its Valuation, Piper Sandler Expects Another Strong Quarter

Piper Sandler analyst Brent Bracelin reiterated an Overweight rating and $312.00 price target on Snowflake Inc. (NYSE: SNOW) ahead of earnings, expecting no surprises when the company reports on 5/26. Expectations are for triple-digit cRPO growth that suggests the company is one of the fastest growing enterprise-scale software firms, fundamentals are quickly growing into the premium valuation, and the broader Fortune 100 adoption reinforces the potential for Snowflake to become a de facto data platform.

The analyst stated "Broader enterprise adoption of the Snowflake data platform during Q1 could spur another quarter of tripledigit cRPO growth that we estimate could top $750M+ this quarter. Product revenue could increase by at least 96%+ y/y with annualized product revenue exceeding $800M + run-rate for the first time this quarter with the potential to cross over a $1B+ product revenue run-rate within six months."

For an analyst ratings summary and ratings history on Snowflake Inc. click here. For more ratings news on Snowflake Inc. click here.

Shares of Snowflake Inc. closed at $233.92 yesterday.

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