Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Snowflake a Buy on Generational Shift to the Cloud: Goldman

Published 05/14/2021, 10:57 AM
Updated 05/14/2021, 10:58 AM
© Shutterstock

By Dhirendra Tripathi

Investing.com – Snowflake (NYSE:SNOW) shares rose more than 8% Friday after Goldman Sachs (NYSE:GS) raised its rating to buy.

Analyst Kash Rangan also raised the price target to $275 per share from $270. That’s a near 35% hike from the stock’s current level of $204.

Rangan pointed out that the stock has more than halved since its peak in December, calling it a chance to snap up an undervalued name.

The analyst said the cloud-based data warehousing company has a strong competitive positioning and expects it to capitalize on a “generational shift” of data and analytics to cloud. He sees strong secular tailwinds including cloud adoption, big data, AI/ML, and secure data sharing driving growth.

Rangan said a large addressable market offers a further upside for the company.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.