Snowflake Inc. (SNOW) PT Lowered to $270 at TD Cowen

TD Cowen analyst Bill Katz lowered the price target on Snowflake Inc. (NYSE: SNOW) to $270.00 (from $300.00) while maintaining a Buy rating.

The analyst commented: "Bullish Checks; SNOW Remains in the AI Winner Category; SNOW reports 4Q on 2/25. Coming off of a lighter 3Q beat, we see a more constructive set-up & expect stronger upside to 4Q, which should drive growth re-acceleration back to a 3-handle. Checks are bullish and point to a broadening set of consumption drivers across users, usecases, data volumes, workload migrations & inference. Importantly, SNOW remains above the AI disruption fray.

We look for a $ beat in the ~3%+ range, stronger than last qtr as our checks point to a broader set of consumption drivers across users, use-cases, data volumes, workload migrations & inference. This should drive a 3-handle to product growth & a re-acceleration vs. 29% in 3Q. We think mgmt should be able to at least meet Street's ests of +24.5%, if not slightly above. SNOW remains a top pick given its growth fundamentals & positive positioning around Data & AI, deserving a healthy premium. At ~32x EV/CY7E FCF, reiterate Buy, PT to $270 (~50x EV/CY27E FCF)."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating
• Boeing lands two U.S. defense contracts worth over $711M