Snowflake Inc. (SNOW) NDR Hints at Accelerating Demand Through 2022 - Cowen
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Cowen analyst J. Derrick Wood reiterated an Outperform rating and $310.00 price target on Snowflake Inc. (NYSE: SNOW) after hosting Michael Scarpelli (CFO) and Jimmy Sexton (Director of Finance) for virtual
meetings w/ investors. Management highlighted how many companies have accelerated their digital transformation & cloud migration goals over the last year and a lot of this has yet to be seen as large on-premise migrations take 6-12 months to get into production (on top of 1-2 year sales cycles for F500 accts).
The analyst stated "Combined w/ comments that the IPO was an amazing marketing event which has elevated its brand awareness in the C-suite (as well as recruitment efforts), along w/ the fact that its focus on majors accounts (started in CY19) is positioned to bear more fruit in CY21-22+, and it seems to us that SNOW is building momentum in moving up-market and targeting larger 7/8-figure transactions."
Shares of Snowflake Inc. closed at $239.48 yesterday.
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