Piper Sandler analyst Rob D. Owens reiterated an Overweight rating and $230.00 price target on Snowflake Inc. (NYSE: SNOW).

The analyst commented: "Management Meetings Shine Light on Durable Opportunity; We recently hosted Brian Robins (CFO) and Katherine McCracken (Head of IR) for a series of investor meetings throughout Europe. Without surprise, AI was the center of most conversations, including 1) the opportunity for Cortex Code / Snowflake Intelligence, 2) derivative consumption effects from organizations focusing on data architecture to enable AI and 3) the impact AI is having internally. Other topics of interest included the recent CRO change, competition and recent acquisitions. We came away from the meetings stronger in our belief that SNOW is one of the better-positioned software vendors, and it remains a top idea in our coverage. There is a clear sense of urgency throughout the organization related to the AI opportunity, which we believe will translate into top- and bottom-line benefits."

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Shares of Snowflake Inc. closed at $121.11 yesterday.