UPDATE: Baird Starts Snowflake Inc. (SNOW) at Outperform

Baird analyst William Power initiates coverage on Snowflake Inc. (NYSE: SNOW) with a Outperform rating and a price target of $200.00.

The analyst comments "SNOW provides a revolutionary cloud-native platform for managing and analyzing data that is rapidly taking share from legacy data providers. Driven by strong growth from new and existing customers (FQ1 NRR of 174%), we forecast F23 revenue growth of 66% and 49% in F24, albeit slightly below consensus to reflect growing recession risks. Notably, SNOW is already generating meaningful FCF. We acknowledge the rich valuation and recession risks, but are positive on the long-term value creation opportunity, though would also be more aggressive on pullbacks."

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 $155.40 yesterday.

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