Cowen Would Buy Snowflake Inc. (SNOW) Ahead of Earnings After Last Week's Pullback

Cowen analyst J. Derrick Wood reiterated an Outperform rating and $310.00 price target on Snowflake Inc. (NYSE: SNOW) expecting upside when the company reports 2Q on 8/25.

The analyst stated "We expect modest upside to our 92% product growth estimate alongside particularly strong performance in RPO as our checks point to strong big deal activity & healthy trends in data volume growth. Following last week's pullback, we see an attractive buying opportunity." He went on to add "We expect solid results vs. our product growth forecast of 92%. We note that SNOW has delivered an avg ~7% upside over the last 3 qtrs since being public & we would expect similar performance in 2Q. We anticipate another qtr of very robust RPO growth (which grew 206% Y/Y to $1.4b last qtr) as our checks suggest SNOW closed several 9-figure contracts, including sizable expansions from both large enterprise & commercial customers."

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 $266.67 yesterday.

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