Snowflake's shares showed recent volatility but climbed nearly 63% from the April 4 year-to-date low, producing a 34.75% YTD gain. Q1 results on May 21 beat EPS expectations while revenue met forecasts and June revenue guidance exceeded expectations. Quarterly revenue reached $1.04 billion for the first time. Morgan Stanley initiated coverage with an overweight rating and a $262 target, citing new CEO Sridhar Ramaswamy, improved execution, faster innovation, and AI creating a long growth runway. The global cloud computing market projects strong CAGR through 2030, enhancing Snowflake's market opportunity. Q2 earnings are scheduled for Aug. 21.
Shares of cloud-based storage solutions provider Snowflake Inc. (NYSE: SNOW) slipped 0.68% over the past month following a surge of 6.56% the month prior. Since hitting its year-to-date low on April 4, the stock is up more nearly 63%, bringing its year-to-date gain to 34.75%. When the company reported Q1 earnings on May 21 after the close, it announced a beat on EPS with revenue meeting expectations.
In late June, Morgan Stanley analyst Sanjit Singh assumed coverage of Snowflake with an overweight rating and a bullish $262 price target. Singh cites how SNOW - under the leadership of new CEO Sridhar Ramaswamy - has become a "better executing and faster innovating company." The firm sees AI "creating a long growth runway" in Snowflake's core business while market expansion into data engineering and AI provide the path to 20% growth annually through 2030.
Collection
[
|
...
]