Analysts Update Their Price Forecasts For Snowflake Inc (SNOW)

SBUX Stock
SBUX Stock

Wall Street analysts’ positive recommendations helped Snowflake Inc. (SNOW) gain momentum last week. SNOW shares are currently trading nearly 47% below their highs at the auction on March 29.

Snowflake Inc. (SNOW) has fallen -20.58% year-to-date on its share price and hit a low of $205.07 as well as a high of $429.00 over the past 52 weeks. In the last trading session, the SNOW stock was seen hovering around $223.49, with the day’s loss setting it -4.90% off its average median price target of $290.00 for the next 12 months.

Snowflake Inc. (SNOW) was rated “Out of Market” by analysts at Evercore last week, and their price target increased to $311. This represents a price increase of more than 30% during the publication of the recommendation. Based on experts’ estimates, Snowflake’s main driver will be a broad targeted market for cloud services: $80 billion is estimated. Evercore emphasizes that few software companies have been as profitable as Snowflake over the past decade.

Investing in Snowflake right now offers investors a terrific risk-reward profile because it has the potential to grow rapidly.

The Snowflake platform allows customers to store all data in one place in a standardized data format. The secure transfer of data outside of an organization’s IT infrastructure is possible now. Despite being listed on NASDAQ last year, its stock has had a relatively low value since then, peaking at nearly $430. There are several reasons for the decline in the quotations, including expectations for lower revenues in the financial year 2022. An 80% YoY growth is predicted for the Snowflake Inc. this year, slower than last year’s growth.

Even though the SNOW stock’s shares are at a low right now, analysts at Evercore are optimistic about the future as they see great potential in its cloud computing business.

In March, UBS analysts published a buy recommendation on Snowflake Inc. (SNOW) shares with an estimated target price of $275 per share.


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