UPDATE: Snowflake Inc. (SNOW) PT Raised to $270 at Morgan Stanley Weighing Valuation and Lockup Expiration

March 4, 2021 2:59 AM EST
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Price: $226.89 -2.93%

Rating Summary:
    11 Buy, 13 Hold, 2 Sell

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Today's Overall Ratings:
    Up: 17 | Down: 14 | New: 42
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(Updated - March 4, 2021 7:35 AM EST)

Morgan Stanley analyst Keith Weiss raised the price target on Snowflake Inc. (NYSE: SNOW) to $270.00 (from $265.00) after the Q4 product revenue growth illustrated the company's strong positioning at the confluence of Data and Cloud trends and the data points on ramping adoption of Data Cloud establish competitive moats and enable the longer-term durability of growth.

The analyst reiterated an Equalweight rating stating "With shares trading upwards of 50x EV/CY22e sales into the print, investors have high growth expectations for Snowflake well into the future and were likely looking for positive revisions to forward product revenue estimates, which likely explains the muted after-hours reaction to 4Q21 results despite the acceleration in product revenue in the quarter." He also noted that the lockup expires tomorrow, 3/5.

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