Rosenblatt Reiterates Buy Rating on Snowflake Inc. (SNOW) ahead of Q3
Rosenblatt analyst Blair Abernethy reiterated a Buy rating and $180.00 price target on Snowflake Inc. (NYSE: SNOW).
The analyst commented: "Snowflake is set to report Q3/FY25 results (ending Oct 31st, 2024) AMC on November 20th. With stabilizing Cloud Service Provider growth in the last two quarters, normalized cloud optimization levels, and continued cloud migration efforts, we expect Snowflake to meet or marginally exceed our Q3 Product Revenue organic growth estimate of ~26% Y/Y (vs ~32% in Q2 and our forecast of 24% for FY25). We remain watchful for potential impact from tiered storage changes and note recent customer conversations we’ve had indicated that the headwind from Iceberg tables adoption is likely to develop over time. With this note, we preview our Q3/FY25 expectations and maintain our estimates and $180 target price."
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Shares of Snowflake Inc. closed at $127.43 yesterday.