Deutsche Bank Upgrades Snowflake Inc. (SNOW) to Buy
Deutsche Bank analyst Patrick Colville upgraded Snowflake Inc. (NYSE: SNOW) from Hold to Buy with a price target of $300.00.
The analyst comments "In our view, the risk/reward now looks more favorable and we upgrade Snowflake to Buy. We raise our price target from $270 to $300, based on a 47x EV/FY22 sales multiple. A further sweetener is that Snowflake announced that it has eliminated its dual class share structure (effective as of March 1st). We see this is a positive as it removes corporate governance concerns, and allows for potential future inclusion in large indices such as the S&P 500."
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Shares of Snowflake Inc. closed at $247.11 yesterday.