UPDATE: Needham & Company Starts Snowflake Inc. (SNOW) at Hold
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Needham & Company analyst Jack Andrews initiates coverage on Snowflake Inc. (NYSE: SNOW) with a Hold rating.
The analyst commented, "We are initiating coverage of Snowflake with a HOLD recommendation. SNOW delivers a cloud-native data warehouse that solves the performance and scalability limitations of on-premise systems. Its key differentiator is a multi-cluster shared data architecture that begins with a cloud-agnostic layer, independent storage and compute layers, and a shared service layer. SNOW has subsequently elevated its platform to become a robust Data Cloud that provides a single governed layer that allows users across business units to securely share data internally and externally to create business value. Despite our positive view on SNOW's fundamentals and what appears to be a significant runway of market opportunity for the company's solutions, we are initiating coverage with a HOLD rating solely based on valuation."
Shares of Snowflake Inc. closed at $231.59 yesterday.
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