UPDATE: Redburn Starts Snowflake Inc. (SNOW) at Neutral

June 29, 2022 3:35 AM EDT
Get Alerts SNOW Hot Sheet
Price: $141.07 --0%

Rating Summary:
    26 Buy, 10 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 4 | Down: 12 | New: 14
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(Updated - June 29, 2022 6:01 AM EDT)

Redburn analyst Neil Steer initiates coverage on Snowflake Inc. (NYSE: SNOW) with a Neutral rating and a price target of $125.00.

The analyst comments "Snowflake’s positive equity story hinges on expectations that it can become a leading one-stop shop for data, which we do not see as realistic scenario. Cloud computing is choosing the right tool for the right job. At its core, Snowflake is a data warehouse, and hence we see limitations to expand in non-core areas. The ecosystem approach works for infrastructure providers, but not so much for multi-cloud players. We see Databricks as better positioned, as its core capabilities are in the fastest growing segments of the market. We launch coverage with Neutral rating and a $125 target price."

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 $143.76 yesterday.

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