Shares of Snowflake rallied in early trading on Thursday, after the company reported upbeat fiscal second-quarter results on Wednesday.
Here are some analyst takeaways.
Citizens JMP Securities analyst Patrick Walravens reiterated a Market Outperform rating, while raising the price target from $260 to $283.
KeyBanc Capital Markets analyst Eric Heath maintained an Overweight rating, while lifting the price target from $250 to $275.
Wedbush analyst Daniel Ives reaffirmed an Outperform rating, while taking the price target higher from $230 to $250.
JPMorgan analyst Mark Murphy reiterated an Overweight rating, while raising the price target from $225 to $255.
Rosenblatt Securities analyst Blair Abernethy maintained a Buy rating, while lifting the price target from $210 to $250.
Goldman Sachs analyst Kash Rangan reaffirmed a Buy rating, while taking the price target higher from $230 to $260.
Needham analyst Mike Cikos reiterated a Buy rating, while raising the price target from $230 to $280.
Cantor Fitzgerald analyst Thomas Blakey reaffirmed an Overweight rating, while lifting the price target from $242 to $275.
BofA Securities analyst Brad Sills maintained a Buy rating, while raising the price target from $240 to $280.
Check out other analyst stock ratings.
Citizens JMP Securities: Snowflake reported strong quarterly results, with non-GAAP earnings of 35 cents per share, topping consensus of 27 cents per share, Walravens said in a note. The company's total revenues climbed 32% year-on-year to $1.14 billion, surpassing consensus of $1.09 billion, with product revenues of $1.09 billion beating expectations by around $52 million, he added.
Total remaining performance obligations (RPO) of $6.93 billion grew 33% year-on-year and 34% sequentially, the analyst stated. "Snowflake addresses a huge opportunity that is expected to more than double to $355B in 2029, from $170B in 2024," he further wrote.
KeyBanc Capital Markets: Snowflake's ...
